finitemonk
Long

Pre-FOMC: Waves and Numbers

FX:EURUSD   Euro Fx/U.S. Dollar
73 1 3
I know some Elliott Wave analysts say the Euro             is going lower against the USD, and it's in a full motive wave downward ... it may be so. Such are probabilities. But to me it looks proportionally wrong.

Plus I'm looking at the now 3 x '3-3-5' wave subdivision and thinking ok, it's shot a bit lower than one may have liked to make it perfect ...

But the line I've been keeping an eye on is the one from upper left to lower right. Previously resistance turned into support.

And if this completes a full motive wave downward last move and so puts in a 5 to the previous 3-3 ... What is the possibility then up pushes up to form a fifth wave to form an a-b-c-d-e? (although there may be other preferable ways to label it)

I would throw this idea out the window if it dropped meaningfully below the 0.618 retracement at 1.093

Last chart published I mentioned the markets going on a Euro             buying spree,

Potentially supportive to that:

EURGBP             , has just or about to completed a B wave retracing 0.618 of an a-b-c (A), therefore a C wave to follow upward, crushing sterling (sterling appears to be in cross-market corrective sell btw)

EURCAD             , completed a corrective triangle, now to push upward taking out the August high at 1.555

EURJPY             , near completing a months long corrective a-b-c, to match a previous a-b-c, which topped back in early June at 141.00

and so on ...

So from a few Euro             crosses, sure I think it's possible. Helped by a revaluing Yen.

And that by December ...

"policy makers will make a fresh judgment on whether they are providing enough stimulus when they next meet in December."
Mario Draghi (WSJ)

May the pips be with you.

Related Ideas

Post edit: "Helped by a revaluing Yen." A Yen revaluing against the USD, that should be.
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