Eur/usd- Elliot Waves & Humility.

[weissdawg]

Hello,

1.2980 was broken last night, and prices flew down another 40 pips from there. There is still a chance of EURUSD making its way to 1.3150-1.3200. For that to happen, I think EURUSD needs to have made a bottom at 1.2939. Price action over next 5-10 hours should give a solid clue about what market wants to do.

[golhuntsleep]

Looks like a wave 3 last night....If it was then we go lower 1 more time and do not see 3200 again for a while....IF last night was a C wave then your probably right

[popoola]

I trade short term. The euro is oversold and I observe a recent hammer on the hourly chart. So I am long @2965. Yes the next 5 hours is crucial. A close below the hammer will be bad and hint another leg down albeit not as intense at hte last downdraft

[weissdawg]

EURUSD hasn't shown me it wants to go up yet. Maybe it will, but I'm willing to miss out at this point.

Also...I think it might test this line again very shortly. If it goes to that line without any serious pull-backs along the way, I will most likely buy at the line.

[golhuntsleep]

Looks like we are tracing out a wave 4 long term........meaning maybe 3 up and 5 back down....Maybe we have seen the highs on the euro???? 5/3/5 is a zig zag......... 2750 is equality with wave 1

[dkalense]

Everyone's views are perfectly reasonable (thanks for the chart weissdawg); needless to say I am disappointed with last nights move-
I am still thinking if the area 1.3040-1.3060 holds- we might still see my overall thinking make sense- with a break-out (soon?) downward to the area of previous USD strength 1.2865 and down...

poopola, it seems you have profited nicely on this last move up- that's good- now let's see what is coming (the trade data was not really too bad) so Bernanke may hold the key to opening this thing up one way or the other.

Hello, golhuntsleep- welcome to the thread.
dkalense.

[dkalense]

This chart is daily EURUSD.
I have inserted my wave count from the earlier high 1.3366-
this is an impulsive five wave move down with beginning three wave cycle (correction or holding); I regard the fifth wave as truncated.
My own view is that this impulsive move is part of a larger c-wave down.
dkalense.

[golhuntsleep]

Thanks for the welcome....took a hit last night...no worries, won't be the last.....as long as 3063 holds there is the potential for lower lows.....personally, it PO'd me seeing the Pound drop like a rock and the euro go up........ Pound is giving us a real nice SHORT term wave count right now 5 min......I'm going to hunker down till a wave goes simple and I get a new road map......trade less, make more........