Elliott Wave analysis is a powerful tool in your hands if you know how to use it. You cannot be blind to what is happening around you. Until last Wednesday, when the Euro was still at 1.2850 levels, I was looking for it to go lower still, perhaps even reach the L/T objective of 1.15-1.17. However, the dramatic rescue package that was announced over the weekend has effetively put a floor under the Euro, and we have to conclude that the low at 1.2520 is a significant low for our purposes. Thus, the medium term outlook for the EUR/USD (using Elliott Wave Analysis) is being revised as presented in the attached analysis. You will surely see others mimicking these comments, but as long time friends of Ramki, you got to see it first. Enjoy.