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AndyM
Feb 18, 2015 11:39 AM

EURUSD detailed Elliott wave count 2014-2015 Short

EURO / U.S. DOLLARICE

Description

Here's a quick view of the current wave count of EURUSD.

A few notes regarding the chart:
1) one last movement down is still needed to complete wave [3] of the main movement since 2011. We did not observe any divergence on daily MACD when we reached new lows in Jan 2015, which makes me think this was a local wave 3 within [3], so we need to make another move down which will correspond to wave 5 within [3].

2) A few months of correction will follow as the market will need to digest the large movements observed since Jul 2014 last year. This will correspond to wave [4].

3) I believe the decline in EURUSD will continue in 2015 - for a general view of EURUSD see related chart.
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