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EURUSD Short Term Channel Serves as Guide

EURUSD Short Term Channel Serves as Guide

2012-08-01 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_eur-usd_body_eurusd.png, EURUSD Short Term Channel Serves as Guide

Prepared by Jamie Saettele, CMT

The correction underway from 12040 is coming into form. 12170, not only former resistance but also the 100% extension of the decline from 12389, is support along with short term channel support. “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.”

LEVELS: 12145 12175 12215 12245 12285 12336

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