Thursday, April 1, 2010

EUR/USD - 1st & 2nd Counts Head Higher for Now

Updated counts from today's action. A few key points:
1) The upside count does not look complete.
2) The blue trend channels I drew Wednesday may be a stopping point, if the ending diagonal 5th option (primary count shown) is in play (see yesterday's post)
3) I don't have significant confidence in the upper yellow short term channel. It may be higher than I have shown.

Bottom line is that since both primary and alternate counts head upwards, we should be looking that direction in the short term. I am watching for a touch off the upper blue channel, or a break of 1.3459 and then through 1.3385 prior to a touch to confirm the start of a next leg lower under the primary count.

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