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Wednesday, June 3, 2009

Just when it looked like the count was clear we get hit with what looks like a five count down.

Filipe Miguel of Elliott Market Waves believes we completed Wave A at 949.38. This scenario has us going down in Wave B. This looks like a very reasonable scenario since we have apparently just come down in five waves. Of course it could be that it's wave A of a zigzag.

Basically if we are going to peak at the 980 area to finish we need five waves up. If 912.78 is overlaped before that happens, then it looks like Filipe is correct.
Pedram has a good last hope chart for a scenario which would include one more push upward.

This is good news because we no longer have to wait till 876 for comformation or a major Bear move.

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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