back on 05-02-10 , on the attached Monthly chart, not in the text, i'd said: "I'm not sure what the 08-9 formation is, a weak AB reversal, or W 1-ABC-W 2 or A and B of an ABC, C down to 1.13 area ?" I now believe the formation was an ABC, that C has completed and a new euro bull market has begun; as a consequence I will no longer update this thread in its place I've begun a new thread 'eurusd / 6E new Bull market ???' : http://www.elitetrader.com/vb/showthread.php?s=&threadid=202655
Hi there, this is my first posting in this forum. I agree that a new EUR bull has started. (I prefer this wave count because that is how my position is accumulated.) Or at least a daily wave-c is underway. However, I don't rule out that the monthly wave-4 has not finished yet, which means that the weekly wave-C could be in extending formation. Sorry for my using confusing terms like daily, weekly, and monthly. I would recommend that the wave labelling could use something like __1, _1, 1, [1], [[1]], [[[1]]] etc. so that we can easily reference your wave count without any problem.
Inverse H&S or ABC? Reversal on EURUSD or bear rally correction??? It's still just shy of the longer term down sloping trend line by my reckoning (I'll remain long term bearish on the pair until a confirmed break), also past couple of days' ranges have narrowed. If I was going to stick my neck out and GUESSTIMATE I'd say 2 more days of gains for the Euro then a resumption to the downside at the start of next week. Fundamentally - Eurozone bank stress tests are looking to be the key driver in the near term. MY OPINION ONLY - DO YOUR OWN RESEARCH... Nice Elliott analysis BTW...
As an after thought... The Eurozone debt crisis HAS NOT evaporated into thin air... Market seems very quiet, ECB rate announcement in a couple of hours, the calm before the storm? (although consensus indicates no change).