Euro Update

Idejan and Joseph,

Here’s a couple of screen shots, that show my current thoughts. From last week price has found resistance on the black fork, Thinking this is the 5th that has been discussed earlier, ( I know you two are thinking that this current drop is a corrective wave, and I may agree to a point however I believe that the correction is much larger than shown 5 down, 3 up and 5 down perhaps??)


On the hourly, Don’t faint Joseph, as I mentioned earlier, have been trying to long on a retrace of wave 1. If my thoughts are correct, price will make the red box and reverse south setting up a 3rd wave down, and should be a good one. Price is making a small H&S on the hourly, and if price fails to meet the top of the upward sloping expanding channel ( if will have to storm north to do so) would show weakness in the euro, imo. Might add my north trade has not netted many pipola’s basically trying to catch what I can of the retest to enter south again. Would like to see at least a 50% pull back and will start to scale in longs again. Upper tine of the black pitch fork will be my failure point.

Joseph your C correction may be valid still, as price is still within the two major forks, but so far price has respected the south. One of the two will have to give soon, and price’s direction will be known.