This is an update from my last post(related links) . In the original post, there was a speculative point 4. At this point I think the rally for the Euro has been exhausted against the Dollar.
USDOLLAR Strengthening...For Now
USD created a bullish geometry with a high probability target at point 4 of the engulfing Wolfe Wave. As USD strengthens I'll except the EUR to decrease against it. This correlation helps support the search for point 5. The above chart is a short term view on the USD.
USDOLLAR Long Term View
Looking at a weekly chart. I am expecting a large down move for the dollar. Since we hit 5"(double prime) I expect the dollar to complete the 'Geo' at Geo's Off-Set Rule #3 at point 3. This is a lofty target and probably an unpopular one, but I am sticking with the rules of Geo's Off-Set Rule which states the following:
Rule 1: If the 'Geo' completes at point 5 - Target is 1-4 line Rule 2: If the 'Geo' completes at point 5 prime - Target is point 4 Rule 3: If the 'Geo' completes at point 5 double prime - Target is point 3
The long term downward move also coincides with the Wolfe represented in this chart.
I will also look for a completion of an ABCD pattern to coincide with point 5. A possible pattern, if completed, will cause us to look upward for this pair. If and when this Wolfe completes at point 5, there will be a big move to follow.
Best, Chartistry
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This chart was posted 6 months ago and finally there is a strong signal that the Wolfe Wave will complete at point 5. Consider the following high probability targets.
Chartistry
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UPDATE: Follow the chart thread below for future updates regarding EURUSD.