[idejan]

OK. Just before Asian trading begins with possibility of ending this Intermediate wave 3 UP, I wanted to once again make a point on what I posted on the GBP charts and previously consideret but missed on EUR charts. And that is: the low of 5th of Jul was not necessarily end of the correction wave II but could be it's first leg wave A. In such a case, we are now about the very end of the fist leg of a second wave B.
First sign of that will be the breaking of the 1.2255 level (which coincidently is the top of both wave (1) and Wave 1 of (3). Because of the reasons previously explained about ZZ in both counts - IM reversal first wave up and Continuation of correction, Targets for the (3) and for the C are almost the same with the difference that if IM we would not get below 1.2255 and we will have a continuation up in wave (5) and if C then we will see a break of mentioned level.
Since the general mode is that this is still the wave IV of the IM move down, expect a strong move downward if 1.2255 breaks.
I just wanted to bring this to your attention (and mine too) and as things develop I will reconsider this, since levels that are needed for certain confirmations are still far in price and time.
ID