DislikedUnd für Fini sage ich es gerne nocheinmal ... denn er versteht was von ELLIOTT ...
Schön ... we might have a projection towards below 1.4250 and even to 1.4145 area in case of an extention ...
Moreover 31.8% Fibo from whole move up from January until last week lies there ...
Otherwise ... 1.4250 area has been hit already ... and as soon as 1.4450 - 1.4500 has been crossed ... then we have seen the downside for a while ...
So einfach ist das ... "gehts nicht runter - gehts halt wieder rauf"
Sagte schon der gute alte KOSTO...Ignored
That is where friends are for...........
But: maybe we are looking at different Elliotts?
My Elliott says:
Either we are in a new major trend down and 49x was the top for a longer time (heading in direction of 1.18 or sub), or we are in a broader ABC downward correction with more upside thereafter.
If it is the first one (my preffered count at the moment), than we have likely seen a completed wave 1 down and are now in a wave 2 up. A wave 2 can take back all of the territory of wave 1 without invalidation. Since the downward pressure was fairly high, and, IMPORTANT, as of yesterday evening only 18% USD bulls are present, we have much fuel left to see much much more downside in EURUSD. So we might see only a shallow wave 2.
But anyway: a target of choice for a wave 2 is most of the time the subwave 4 of the wave 1. That would be around 4550.
And if this move down is the A wave of an bigger ABC correction (A wave is an impulse, therefore the ABC will build a zigzag), than I expect a B-wave retrace between 38 and 62%, than further down for minimum A=C
So what does your Elliott tell you about the crossing of 4450? Inquiring minds want to know :-)
Best to you Mercy,
Markus
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