RGallagher

RGallagher

Again, I believe this will follow a similar corrective, but inverse, pattern with the other dollar pairs.

RGallagher

As with my other two posted ideas I believe the upward momentum is starting to slow and I believe we are in the beginnings of a corrective movement similar to that of the USDCAD & USDJPY pairs.

RGallagher

The upward momentum is starting to slow and I believe it will soon begin a corrective movement similar to that of the USDCAD pair. Having also demonstrated an extended wave 5, we should see a three wave corrective movement finding support around wave 2 of the lower wave count*(~106.575). It may be noted that this also falls between the 0.382 and 0.500 fibonacci...

RGallagher

USDCAD should have one more leg down in a fourth wave correction to complete a three wave movement down. According to Elliott Wave Principle pg . 66 "The most important empirically derived rule that can be distilled from our observation of market behavior is that when the fifth wave of an advance is an extension, the ensuing correction will be sharp and find...