Friday January 29, 2010 - 15:32:56 GMT
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FXTimes:EUR/USD Elliott Wave Count β Big Picture
Daily Technical Update
January 29, 2010
EUR/USD Elliott Wave Count β Big Picture
- Daily: The EUR/USD is poised to reach the 1.37/38
area, with both aggressive price action and continuation momentum in
the daily. (Continuation momentum in Weekly suggests it may even
decline below that level.
- Weekly: The weekly time-frame provides a bigger picture and shows a possible Elliott Wave (EW) count.
- The 2008 decline/panic was in a 2-wave manner, which is corrective in nature, so ABC label can work.
- The first rally attempt to start 2009 could be wave I, decline
after was II, and we may be currently developing the primary wave III.
- Subwave count also follows EW principles β that is IF the 1.37 support holds. Otherwise the count needs to be adjusted.
- We should see the first attempt to start next week. If a rally can
follow, a long-term projection using ratio analysis (projection wave
III as 161.8% of wave I) brings wave III to near the 1.63 area.
Commodity Trading Advisor
Information and opinions contained in this report are for
educational purposes only and do not constitute an investment advice.
While the information contained herein was obtained from sources
believed to be reliable, author does not guarantee its accuracy or
completeness. CMS will not accept liability for any loss of profit or
damage which may arise directly, indirectly or consequently from use of
or reliance on the trading set-ups or any accompanying chart analyses.
Foreign currency trading is not conducted on an exchange. CMS is
acting as a counterparty to its clientsβ transactions and as a result,
CMSβ interests may be in conflict with its clients. Since CMS acts as
the buyer or seller in the transaction one should carefully evaluate
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not be suitable for all investors.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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