With the EUR/USD breaking to a new high it calls into question the larger bearish count. But with 1.3080 intact, it's still a possibility. I just wanted to repost my gold chart from yesterday. Gold is rallying with the euro so it may be making its way to the $787 area I mentioned earlier; which is the prior 4th wave and 50% fibo level. Gold's behavior at that area may give us signs of what will happen to the EUR/USD.
Don't panic yet!
This might have been wave 5 and thus E of bigger degree. Last nights drop was wave 4, yesterdays top wave 3.
The bearish count is still intact.
The bullish count is questionable because wave 4 interfered with wave 1.
Don't panic yet!
This might have been wave 5 and thus E of bigger degree. Last nights drop was wave 4, yesterdays top wave 3.
The bearish count is still intact.
The bullish count is questionable because wave 4 interfered with wave 1.
Was this the "throw over" kicking out all the last shorts AND catching the black box guys who buy into breakout strength?
It's certainly possible given the nasty reversal from the high so far. Lower open, new high reversal, and one more reversal lower. If this holds it may be the kick-off of a swift decline that the triangle projected. Although stretched the triangle still is in play as far as I can tell.
Looks like a Head & Shoulders pattern on DX along with big MACD negative divergence. Back on 12/5, I posted 30 year charts that may indicate a new low in the DX is yet to come: http://www.learncurrencytrading.com/...-post3684.html
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Originally Posted by Ilovepippin
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timber !!!!! ??? 
