Friday, September 9, 2011

Eur/Usd : Big Break

A important trendline got broken to the downside, together with a break of the previous low, this is now a downtrend. 2 possible stopping points for this downtrend are 1.3700, the 76.4% of W of (W) + 100% of A of Y, this implies that the break of the big trendline was in a corrective way. But this is just the alternative, the main count is that the break was impulsive and the target zone for this count is between 1.3346 ( 161.8% of A of Y )and 1.3445 ( 100% of W of (W) ). On a sidenote, my first child was born yesterday, a beautifull girl named Laura. I also proposed to my girlfriend and over the weekend i'm moving into my new house. To put it in EW terms : my life is in wave 3 of 3 up!

Geplaatst door op
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2 comments:

  1. jeffSeptember 10, 2011 at 4:31 PM

    Congrats on making 3 of 3 :)

    I see EU hitting 1456 in a few months as a triple correction-- any thoughts on monthly?

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  2. Jeremy DemunterSeptember 14, 2011 at 10:37 PM

    Hi Jeff,

    Thanks for the comment! For the monthly i believe that the rally to 1.60 was a last leg in a corrective wave ( C or Y depending on how you count it ). This top was attacked again when price made it to 1.50, but failed to come close enough to be a threat to the 1.60 high. The decline from the 1.60 top is corrective aswell, so there are plenty of possibilities like triangles, flats, zigzags or complex double or triple threes that could form. the 1.60 level should not be visited again for a couple of months/years.
    Hope that helps, if not let me know and i'll make a chart.

    Friendly greetings,
    Jeremy

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