chessnut
Long

EURUSD EW analysis - flat correction underway

FX:EURUSD   Euro Fx/U.S. Dollar
131 0 1
The EURUSD             bounced non impulsively in abc             formation from the lows of 1.109. After it re-approached lows at 62% of the abc             I published a possible triangle formation which has been invalidated through further non impulsive behaviour. This therefore must be considered to be a wave B. Now over uncertainty over the Greek bailout solution over the weekend, an upwards impulse has formed at the base of the B wave correction. This is likely the beginning of a wave c (i of c) and IV that will complete a typical 3-3-5 flat correction towards 1.16 before the descent to ultimate lows begin. I believe that moderately positive news will push the EURUSD             pair much higher in third wave formation on Monday when the market opens, and the following week may be enduringly positive. This flat correction playing out as expected means more to us than a long scalp, It also validates a powerful short from higher levels.
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