P2?

We knew this was going to be an interesting week, tomorrow should prove to be the most interesting day of all. Anything can happen, but this meets all the requirements. The Elliott Wave never looked so precise. There were two times we almost had a wave 1/4 overlap, but the pattern was safe by 1 cent.

Oct 14 2008 peak was 1044.31, almost one year ago. We closed the day at the high of the day at 1044.14. Maybe a little upside momentum will happen in the overnight market, but by morning we could be on our way down. The last wave of the day looks like it may need to go further. In any case I think it is real close to the end.

We have a few trend lines to break before the Bears can claim P2, but this looks pretty good to me. There is still some resistance at 1015 which is also the peak of wave one. There is weakness in the Kumo on Monday around the 1015 area, so it could slide right on through. 990, 956 and 865 areas will be important levels on our way down.


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