http://www.dailyfx.com/technical_analysis/elliott_wave/
"...The only possible bullish outcome at this point would be from a flat..."
Flat wave is basically a W formation, so he is also seeing 1.3266 as next target. So let's see what sort of price action we get at that level. If it is to be a rather sharp spike of that current reaction low, then most likely that would be the start of a proper correction. I didn't really expect one to take place without a spike into 1.32s
If correction does take place, then I see it stalling around 1.392-1.403 as there is quite a bit of confluence there.
"...The only possible bullish outcome at this point would be from a flat..."
Flat wave is basically a W formation, so he is also seeing 1.3266 as next target. So let's see what sort of price action we get at that level. If it is to be a rather sharp spike of that current reaction low, then most likely that would be the start of a proper correction. I didn't really expect one to take place without a spike into 1.32s
If correction does take place, then I see it stalling around 1.392-1.403 as there is quite a bit of confluence there.
Prices oscillate, trends persist. Trend is your friend.