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EUR/USD

Mon, Jun 8 2009, 12:40 GMT
by Dimo Dimov

Karoll


Elliott Wave Analysis

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The chart shows my working count for the movement started from 1.6038 (15.07.2008). I think it is corrective in nature and is developing as a flat correction. Wave A of it turned out to be a double corrective combination ended with a triangle. Wave B is currently developing. It has as a minimum requirement new high above 1.4718 (18.12.2008 high) but more natural target is 1.5500. From a shorter term point of view we are currently in wave c of B. I think it will turn out to be a terminal impulse (ending diagonal) with extended wave 5. If this is the case, we should see initial losses in wave 4 below 1.3738 (the end of wave 1) – the most likely downside target is 1.3500. When the wave 4 is completed, one should expect new sharp rise in wave 5 to 1.5500.

With an eye on the short term bearish picture I stay on the short position opened last week and once I see a fall below 1.3738, I will start to look for an entry level for a strategic long position

Trading strategy: 08:19 EST; 13:19 GMT

Short position from 1.4270, stop loss - 1.4345, target – 1.3500

chart 1


Archive

  • EUR/USD
    Published On Fri, Jul 10 2009, 08:23 GMT
  • EUR/GBP
    Published On Wed, Jul 8 2009, 12:29 GMT
  • EUR/USD
    Published On Fri, Jul 3 2009, 10:32 GMT
  • USD/JPY
    Published On Wed, Jul 1 2009, 07:55 GMT
  • GBP/USD
    Published On Thu, Jun 25 2009, 14:12 GMT
  • [ View All ]

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This analysis has only informational and educational purpose and does not represent a trade proposal.

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