Is the Euro in a Down Trend Again???

Discussion in 'Forex Trading' started by torosyososfx, Sep 18, 2005.

  1. Is the Euro in a Down Trend Again???

    The euro mades a top the in 1.2588, and since then, the dollar recovery have not stop. The week season began with a big gap, that can be an exhaustion gap in the possition of a fifth wave. Five waves down, are followed by three waves up, and five waves down again, at least if the counting is correct. The question is, the dollar will continue the recovery or it is only a corrective phase? the charts will help you to answer this.
    The blue counting shows a wave 5 in progress after a long time corrective wave 4 as a triple zig zag. The first leg of this wave 5 is still on way, expected to be corrected to 1.23 area, before to continue the down trend.
    The red counting shows a wave W triple zig zag finished, that is being corrected by X. The first wave of X, ((a)) is on way, expected to be corrected to the 1.23 area, before to continue the down trend.