All commentary is on the chart . .
Something to watch for in the Euro over the next few hours by Sid from ElliottWavePredictions.com
EUR/USD
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Nov 012011
Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com
EUR/USD
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Oct 032011
Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
If the Euro starts rallying by tomorrow, I think the Elliott Wave count depicted in the chart above is correct. Typically, in an expanding ending diagonal, wave 5 terminates just before reaching a trend line extending from the extremes of waves 1 and 3. Also, in an expanding ending diagonal, wave 5 is longer than wave 3, wave 3 is longer than wave 1, and wave 4 is longer than wave 2. Finally, each wave is a zigzag or zigzag combination. All those rules have been met.
If the Euro continues aggressively downward, the alternate count shown on the chart is preferred, with wave 3 blue already underway after an anemic wave 2 blue. If wave 3 blue is underway, equities will have a hard time doing anything but go down . .
Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com
EUR/USD, US Dollar Index
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Jul 282011
Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
My long standing expectation for a pink ABC zigzag to complete wave 5 blue of an ending contracting diagonal in the Euro is still right on track, as is the inverse in the US Dollar Index. As a refresher, see my July 12 post, the July 11 post, and the June 26 post.
We are nearing the end of the pattern soon, not only in the major currencies, but in stock markets and commodities as well, so please join me for one or both of this weekend’s webinars for an in-depth, multi-timeframe look at all of them, as well as an explanation of my method for creating much improved Elliott Wave counts. All enrollees will recieve 2-week access to the streaming recordings of the webinars, whether in attendance “LIVE” or not. Thanks . .