Tuesday, May 18, 2010

EUR/USD - 5 Small Degree Waves Down...

Forecast yesterday was right on as we plunged into a new low this morning.

I can count 5 waves down as being completed or very close to being completed since last weeks high of 1.3094 on the hourly charts for EUR/USD. So, irregardless of the larger counts, we are very near at least a break in the downward trend for now. Still no sign (five wave impulse upward on any timeframe) of a bottom as of this writing however.

Previous fourth wave area surrounding 1.2425 will be the first siginificant resistance for any bounce to encounter.

As for me, I am watching and waiting for the structure of any bounces that develop. It is time for caution and risk to prevail.
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