Thursday, March 25, 2010

EUR/USD - 1 HR Elliott Count on Wave 5 (or "C" Wave for my friend Binve)

Taking a bit of a step back to look at the larger structure to mentally test my short term bearish view.

3 waves down so far - Check!
New lows in EUR/USD - Check!
Rebounds in corrective waves so far - Check!
Peaking RSI in wave 3 of my count - Check!
Major trend channel defining the move down not broken - Check!
Price movement adhering to Fibonacci fan support - Check!

The short term bearish view is on strong legs so far. Only thing to do now is keep in mind the long term, most probable count (EUR/USD Longer Term Elliott Count), manage trading account and risk tightly, and follow the trend!


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