Thursday, April 22, 2010

Eur/Usd Chart - by Akshay Chinchalkar

Hello, likely course for the EUR against the dollar. Seems like
a contracting triangle in wave (4) with a-b-c within the       
triangle complete and (d) close to completion. As long as      
prices stay above 1.3283 prices will retrace back up to        
complete wave (e) of the triangle, thereby finishing the larger
wave (4) triangle, after which the EUR's decline should        
accelerate to the downside. For the contracting triangle to not
be the case here, prices should either push below 1.3283 from  
here or push above 1.3818, the latter being a case where wave  
(4) may turn out to be a complex correction. The important     
thing is the EUR's decline is not complete, but its all about the timing.


Anonymous said...

alright guys. let's get the story straight. You have the euro (ie., inverse dollar) going down further, which means strengthening in the USD. On April 17, you post an Oil chart that show a subwave 2 occurring in the interim and a rise to $97 or so.

So Oil is going up on a stronger dollar? doesn't seem logical. Maybe you need to rethink this.

Dave said...

this count is busted as eur just took out b

akshaysc said...

haha, thats how it looks mate! however, if u look at the 240 min chart, there was an extremely short wave (e) that completed wave (4). And the decline since then surely looks like a thrust out of a triangle, which all EW analysts would agree with. Not all of us can be Prechter, i certainly can't.