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EURUSD Larger Correction Underway Towards 12400/12550

EURUSD Larger Correction Underway Towards 12400/12550

2012-07-25 20:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Larger Correction Underway Towards 12400/12550

Prepared by Jamie Saettele, CMT

The anticipated reversal has materialized in the EURUSD and we can now focus on how far the rally is likely to extend. Elliott wave guidelines state that wave 4 often alternates with wave 2 of the same degree with respect to character. In other words, if wave 2 is sharp and simple then expect wave 4 to be shallow and complex. Wave 2 (13003-13384) was sharp (retracing 78.6% of wave 1) and simple (3 wave zigzag) thus we should expect wave 4 to be shallow and complex. Shallow means a 38.2% retracement of wave 3, which comes in at 12554. Daily RSI will help us time the end of wave 4 as well but we’ll deal with that when appropriate.

LEVELS: 12170 12205 12255 12330 12407 12555

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