Wave analysis is as much a work of art as science! It is constantly a work in progress. Yet we can get some very useful clues by spending some time with the charts. Take the Euro for example. We are at sort of cross roads. Are we going to rally all the way to 1.3600, or are we going to fail around 1.2850 and come off towards 1.17? My guess is the latter. Take a look.
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Hi Mr.Ramki,
Again delight for my eyes with your new Elliot wave update, especially that i counted generally the same over the weekend. So i get the felling I’m on the right track with a bounce to 1.28 or to 1.3050, choosing in the end the count that gave me 1.28 bounce and then back down to between 1.12-1.17 . Also a bonus to the bearish view of euro is 200 weekly SMA crossing above 50 weekly EMA for the first time since 2003 (when it crossed below the EMA).
My question is about the weekly chart starting from 2001…is it possible that the whole move from 0.83 to 1.6 could be a big (1) wave and the move towards 1.17 the (2) wave (also being between 50% and 76% fib. retracement)? and we should start a new bull wave (3) above 1.6 in the next years? although it is hard to imagine euro at 2.0..everything is possible.
Thank you for your time,
Lucian