2 Clusters of Wave Relationships - 1.1400 and 1.1455 for Shorts
With the ECB prepared to announce their next round of genious analysis and monetary policy tomorrow morning, let's take a moment and assess the Elliott Wave picture for EURUSD. As we will do from time to time, we'll identify key levels to watch prior to news being released to establish the game plan before emotions run high.
From a bigger picture, the sell off from late August to early Sept 2015 is a 5 wave move. Due to its position, that 5 wave move needs at least one other 5 wave decline to match it. So from a bigger picture perspective, the Aug 24, 2015 high will likely hold until we retest levels near the 1.04 handle.
Shorter term, there are 2 different clusters of wave relationships showing up near 1.1400 and 1.1455 (see tan boxes above). I am showing either level as the end of a smaller degree red circle wave '2'. Either of these points could be a pivot level to launch the next round of selling.
The selling since yesterday's high appears to be a correction and therefore I'm leaning towards higher levels to short rallies from.
Your comments are appreciated.
From a bigger picture, the sell off from late August to early Sept 2015 is a 5 wave move. Due to its position, that 5 wave move needs at least one other 5 wave decline to match it. So from a bigger picture perspective, the Aug 24, 2015 high will likely hold until we retest levels near the 1.04 handle.
Shorter term, there are 2 different clusters of wave relationships showing up near 1.1400 and 1.1455 (see tan boxes above). I am showing either level as the end of a smaller degree red circle wave '2'. Either of these points could be a pivot level to launch the next round of selling.
The selling since yesterday's high appears to be a correction and therefore I'm leaning towards higher levels to short rallies from.
Your comments are appreciated.
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