Eur/Usd : Sell the rally

The first 2 trendlines mentioned in the previous post have been broken and focus now turns to big trendline which started at the low of june 2010. The decline from the 1.4939 top is a corrective wave Y which will eventually break the 1.1875 low. We are still in the early stages of this decline and now price has started a second leg lower. This second leg seems corrective to me, which tells me this is a complex double three. In complex double threes the ideal target is the 100% fib extension, 76.4% fib ext is also a common target level. So a first target for the decline is at 1.3446 ( or 1.3706 = 76.4% ). On the 15min chart we can see the first part is probably finished and when the markets open again, price should have a small rally for the first couple of hours/days and will form a retest of the minor trendline. This should offer a nice shorting opportunity.