You can see for yourself what happened after I posted that chart. If you followed my analysis, good for you! Since I'm no longer allowed to publish results as it seems to annoy some people here that my analysis and predictions are correct, I'll leave it up to you to judge for yourself.
So now that prices have dropped as I had predicted, now what? Well, as I see it, there is probably another drop in store for this pair before any kind of meaningful reversal will occur. By my wave count, this down trend's last 5-wave movement isn't complete and will still try to aim for the MAJOR uptrending TL below. Does it HAVE TO get there? Absolutely not! Market doesn't have to do anything! Only what it will do. But likelihood is that prices still will move down some. Right now, it seems to be stuck in forming some kind of consolidation pattern (maybe an expanding pattern of some sorts?) that will lead to a probably spike down and then that may form the ending to this down trend. All of which I am seeing as only the wave (A) of a much larger pattern. It's all described in detail in my MAJOR ANALYSIS I just released on this pair. It's on my website if you want to see it. Sorry. Subscribers only.
So back to this chart here. There is also a POTENTIAL that is near to completion. Again, will it complete? Will prices drop low enough to fill its' D point? And if it does, then what? All questions I can't answer. Only time can. But I know what I want to see happen for me to consider a BUY trade! Do you?
I've released a MAJOR ANALYSIS on this pair that is available on my website if you care to go look. The complete analysis is only available to paid members. Other MAJOR ANALYSIS released are on USD-JPY , EUR-USD , AUD-USD and GBP-JPY with more on the way. If you trade any of those and would like to see them, consider subscribing. Go to: http://www.efxselect.com.
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