Seems to be the question. IMO not really, not yet. Obviously in the short term, but to me it's within expectation.
I've labelled what appears to be wave (c) as a five part wave. It's not really a true motive wave, being made up of corrective subsets, e.g wave (iii) appeared to have an ending diagonal at the wave v position. Best termed an impulsive structure.
In the larger picture expectation is that wave 4 or equivalent would break the channel, which is what it's done, in this case to the upside (black dotted line).
Wave (c) is frequently 1.618 x the length of a, here at 1.147. Another possibility is that this may be a wave B and make a five part wave, this being (a) with another two parts, wave (c) to reach, say 1.18, making a wave B 0.382 retracement. And so we could label (v) in the lower left corner A.
If it should reach 1.147 and what it does there may be telling.
(Just on the wires today I hear two Fed folk apparently talking down stocks. Not that if they did raise rates they would want to be blamed for crashing the markets, as in "Well, they were going down anyway.")
There would seem to be a shorter term euro sell here, at least as correction. Also keeping an extremely close eye on crude. Short scalped that for the first time in a while today. The EURNZD should yield a few pips as well.
Trade well. Nothing is certain. Not yet any way.
I've labelled what appears to be wave (c) as a five part wave. It's not really a true motive wave, being made up of corrective subsets, e.g wave (iii) appeared to have an ending diagonal at the wave v position. Best termed an impulsive structure.
In the larger picture expectation is that wave 4 or equivalent would break the channel, which is what it's done, in this case to the upside (black dotted line).
Wave (c) is frequently 1.618 x the length of a, here at 1.147. Another possibility is that this may be a wave B and make a five part wave, this being (a) with another two parts, wave (c) to reach, say 1.18, making a wave B 0.382 retracement. And so we could label (v) in the lower left corner A.
If it should reach 1.147 and what it does there may be telling.
(Just on the wires today I hear two Fed folk apparently talking down stocks. Not that if they did raise rates they would want to be blamed for crashing the markets, as in "Well, they were going down anyway.")
There would seem to be a shorter term euro sell here, at least as correction. Also keeping an extremely close eye on crude. Short scalped that for the first time in a while today. The EURNZD should yield a few pips as well.
Trade well. Nothing is certain. Not yet any way.