EUR/USD broke out from its sideways pattern on 12-10-08. It met with resistance in the 1.4420 area and made an intra-day high of 1.4719 before reversing back towards 1.25 which is its current support area.
Primary count: It looks like we have a Flat correction going on since Oct/ Nov 2008 and the high of 12-17-08 is end of Wave A. Currently we are in Wave C with a taget of atleast 1.4383.
This Flat is part of wave B correction of higher degree. The correction started in Jul 2008. The higher degree wave 4 terminated in the area of 1.16 during Nov 2005. Currently, after the advance to 1.44 area, EUR/USD should correct down to 1.16 area if this Primary Count is correct.
Primary count: It looks like we have a Flat correction going on since Oct/ Nov 2008 and the high of 12-17-08 is end of Wave A. Currently we are in Wave C with a taget of atleast 1.4383.
This Flat is part of wave B correction of higher degree. The correction started in Jul 2008. The higher degree wave 4 terminated in the area of 1.16 during Nov 2005. Currently, after the advance to 1.44 area, EUR/USD should correct down to 1.16 area if this Primary Count is correct.
