Tuesday, April 20, 2010

EUR/USD diagonal wave in motion...

There are a few options for the patterns lately on the short term charts, but the overall pattern has displayed 3 wave movements in either direction, which is a sign of a diagonal... the move preceding the final in a sequence.

Primary short term count favors the down trend, with an (e) wave ending this morning or with an allowance for some additional upside to make it to resistance above 1.3550 before wave (e) ends.

Alternate is still the diagonal, but had wave (d) still in progress.

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