Price went higher than expected so i was forced to change the count. It seems the correct way to count the decline from 1.4535 was a complex triple three. The rally from the 1.4054 low is corrective, the question now is where this fits into the bigger picture. Price broke out of the channel to the upside, but this doesn't have to mean a new high is coming, only the first part in a bigger decline is over, just like the count on this chart shows. Another possibility is that the wave X which i count as a top at 1.4535 has another leg higher in it.
Monday, August 8, 2011
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