EURUSD Pattern is Constructive above 12040
Prepared by Jamie Saettele, CMT
The EURUSD correction continues to mature. Today’s spike higher and subsequent drop serves to correct the advance from 12041. Focus remains higher towards 12500+. To review; “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.”
LEVELS: 12040 12115 12133 12225 12310 12403
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