dojitrader
Short

Perhaps An Ending Diagonal ?

FX:EURUSD   Euro / U.S. Dollar
301 1 0
Just one more zig zag and this will be a pretty good setup for a short at the .618 retrace.
Some time ago I read a study, from the 1.4900 high, that showed how the Euro             had retraced .618
after a 400 pip drop every time (but 1) before another big drop began. At the time I passed it off as
"not this time" but kept the chart "incase". And, now we're here. If this ED comes to pass,
and wave 4 had better start rallying, it's a very low risk trade.
{note the somewhat uncommon w-x-y             double zig/zag in wave 3}
There is usually some "overthrow" on wave 5 above the trend line so I'm
watching the candlesticks to decide on entry and s/l thus have not placed
them on the chart.
Change of plans !!! ~~~~
The ED is not to be. What I was hoping would be wave 4 is probably a b wave and dropped into parallel channel lines.
That means a final C wave that subdivides into 5 minor waves would be delightful !
In any event I'm liable to sell the .618 fib just because it has been the top after a 400 pip drop
and price action is so obviously corrective and overlapping -- it's another good place for a low risk entry.
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