I left the ocean and fishing lines behind yesterday to discover that the EUR/USD had indeed touched off on the upper blue trend channel line I had first mentioned in my post on 3/31/10, and then most recently mentioned again in my post last Tuesday, April 6th.
Whether the price action will fulfill my longer term EUR/USD count remains to be seen, but for now, the primary count in play remains either an ending diagonal for wave 5, or a yet to be seen impulse. If the latter is in play, we need to see some serious impulsive looking wave 3 down very soon... where things stand right now, I rank this option a distant 3rd in probability. The alternate is the bullish scenario (larger degree wave 2 in motion) I have been showing off and on since March 15th lows. It is possible to count an a-b-c flat correction for wave 2, followed by an impulse for wave 3 (or the start of wave 3 up). A clean break through the blue upper trendline shown would move this option up in probability, but it would take a break through of 1.3816 clenching this as the primary option.
