Saturday, February 26, 2011

When will the rally resume

As promised in yesterdays post, here are the 2 possibilities i see for eurusd. First is the main count where wave X is complete. Look for a wave B of Y to finish around the 61.8% fib retracement of wave A of Y or just slightly lower to the 76.4% fib retracement. There's also a small possibility that wave B will be much smaller because of the speed of wave (Y).
The alternative count has wave X of (Y) not finished yet. This would bring the support ( former resistance ) zone back into focus as a possible ending point for wave X.

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