Wednesday, March 17, 2010

Short term EUR/USD Count

Have been watching the counts in the EUR/USD very closely overnight and this morning. We either completed a five wave move up last night or have another move up to complete the pattern.

I am leaning toward the alternate right now as the move down from yesterdays highs looks corrective and is not in a clear five wave pattern (although it may be a diagonal).

A break through 1.37 is needed to confirm the change in trend. Until then, we may get a new high.

Larger degree counts favor a potential flat ending at the completion of this rally, which may be completing the entire wave 4 correction (or wave b if you prefer).
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