SUMMARY
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I will also be posting regularly chart outlooks for the USD and the EUR/USD pair. The below chart of shows the EUR/USD weekly price swings since late 1993 or so. The clear impulse action is shown white where a five wave sequence catapulted the EUR/USD to 94.56%. Since Elliott waves states that a requisite correction occurs after any five impulse move, the price has declined nearly 78% from it's highs. The pattern is also that of a bull flag. While using just the pattern one might think a breakout potential might be at hand; Elliott Waves shows that this very overlaping price move is likely a WXYXZ sequence. And the Z wave still remains unfilled. Therefore, a retrace towards the .78 or even .88 Fib levels could be likely to complete the correction (white circles).
The much longer term perspecitve is bullish. Who knows, perhaps it'll be the Pax EURO time period or something; but IF the blue 1 and 2 complete; then the next wave in the impulse is a wave 3 which should allow much higher all time new highs to be brought in. What would this do to the dollar? That'll be posted separately.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
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