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Elliot Waves; Eur/Oil Long and Short
Elliott Wave Charting l TheLFB News l Jul 28 08 l Written by Grega Horvat l [B] EUR/USD vs. OIL[/B] The Eur/Usd pair is very interesting right now, with the lots of overlapping moves since March, and I believe that there are probably a lot of traders out there who are very confused right know. Especially the Elliott wave traders who have many ways to count these waves. I have two possible scenarios right now, but before showing you these two, it may be good to take a look at the Oil price chart. As we know Eur/Usd and oil are in a very powerful correlation right now; if the oil price is going up, we will most likely see the euro follow it. So, after these recent crazy Eur/Usd moves I made the wave count on the Oil chart to see where we are, and what to expect. When I look at these waves I can easily say that the top of the oil price is not done yet, higher prices are still in the game, just maybe not right away. Since October 2007 we have seen really nice impulse waves here. There is an extended 3rd wave with the complete five wave sequence (red waves with blue sub-waves). Oil, euro long and euro short charts and full wave analysis... read more; [url]http://www.thelfb-forex.com/content.aspx?id=14158#euro_and_oil[/url] [B]Grega Horvat [/B] [IMG]http://www.thelfb-forex.com/uploadedImages/seminars/weekly/LFB-Play-button%20(40%20x%2042).jpg[/IMG] [url]http://www.thelfb-forex.com/content.aspx?id=34534[/url] [B]Play the Daily Market Video Wrap[/B] [B]TheLFB[/B] Copyright © 2007 - 2008 TheLFB. All rights reserved.
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