Monday, January 4, 2010

EUR/USD 4 Hour Elliott Channel Chart


Here is a chart of the EUR/USD pair, with wave 5 labeled to have topped out at 1.5145, as opposed the the Ending Diagonal Count where wave 5 ended at 1.5142. This count seems to fit better with the way price has acted over the past month and as you can see from the above chart a clear Elliott Channel is forming. If this count is correct and price action remains bound by the channel then we should expect weakness in the Euro very soon, as price is almost touching channel resistance.

No comments:

Post a Comment