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Euro Expanding Ending Diagonal a Possibility

Euro Expanding Ending Diagonal a Possibility

2011-09-27 15:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, Euro Expanding Ending Diagonal a Possibility

Prepared by Jamie Saettele, CMT

I had thought that a triangle was forming but the burst through 13565 dismissed that idea. A low could be in place but momentum considerations are bearish (momentum extremes at lows for example). A corresponding bearish count treats the rally as wave iv of an expanding diagonal. This is a rare pattern but it is valid. Wave C would be 1.618 x wave A at the current juncture. There is also trendline resistance from the origin of wave I and top of wave II. I still maintain that “we should then have an opportunity to play an early October bullish reversal.”

Trend Strength (M,W,D) – 0, (2), (1)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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