Tuesday, August 10, 2010
Five Waves Down in the Euro Suggest a Top
Just a quick headsup that the euro has made a nice sharp impulsive 5 wave decline from its high suggesting a large top is in. The above 1 hour chart tells the story. This could easily result in an over 1000 pip decline in the coming weeks. This of course would put a lot of pressure on stocks and commodities.
With the Fed statement coming out later today, and 5 waves in the euro looking complete, or about complete, it's possible we'll see a large snap back rally to correct that 5 wave decline soon.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.