Here is an update of my bearish EUR/USD count. Support at 1.441 is where the drop from 1.452 is approximately equal (by price) to the previous 2 drops down shown in the chart from 1.458 and 1.4556. This may not be significant, however Elliott Waves are often Fibonacci ratios of each other, 1:1 being one of them. This is my favoured count at present and I expect further downside. I have moved my stops to 1.4447 (the bottom of wave i) as it is important to protect profits in these choppy conditions, and a break back above 1.4447 negates this count.
*** EDIT *** Sorry a break about 1.4492 negates this count, not 1.4447. Although I was stopped out of my short trade with +93 pips, my bias is still to the downside and I will look to get short again on a pullback or a break back below 1.4410.
Wave 2 labeled may be Wave (b) of larger wave B from your post of Tuesday 1/12. 61.8% retrace of large A up = 1.4383 and 1.618 extension of wave (a) down would be @ 1.4384.
ReplyDeleteAny thoughts?