Thursday, September 8, 2011
Eur/Usd : Very bearish possibility
The decline from the 1.4280 high seems impulsive. Which means that this high should now be counted as wave B instead of X. This is because wave C is impulsive instead of a corrective wave Y. With the big support noted in yesterdays post, a break of this could come in the form of a wave iii of 3.
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Hi Jeremy!
ReplyDeleteAs usual, I appreciate your posts. They are my learning experience.
Regarding the impulsive scenario, I find it difficult to count as impulsive the move down marked with 1 blue. To me, not even the beginning of the wave 1 black looks foggy.
I would rather be tempted to see the move down to 1.3970 as a wxy as per your count couple of days ago, where the w ends at 1.4226 and y starts at 1.4297
Y would be 100% extension of w from 1.4548.
Just an opinion.
Best regards,
Catalin
Hi Catalin,
ReplyDeleteYes you could be right, but even if it's not an impulsive wave, the corrective wave could be part of a bigger bearish corrective count (see previous post). Maybe a triangle is forming before the ECB event. Let's see how price ends the week for more clarification.
Friendly greetings,
Jeremy
Hi Jeremy!
ReplyDeleteThe market proves you right.
To me the move looks corrective but the direction is clear.
Wish you many similar forecast in future.
Best regards,
Catalin
Hi Jeremy!
ReplyDeletePlease help me to clarify one matter on the corrective wave's structure.
When you've found that the wave 'c' of the larger zig-zag pattern is an impulsive wave and counted it as a 'c' instead of an 'y', did you also assumed that the wave 'a' is an impulsive?
I make reference to the case of the EUR's fall from 1.45.
Wishing you a peaceful week end,
Catalin