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Thursday, July 05, 2012 9:36:50 AM
EU Daily Chart...Close Up with Wave Count
The wave count so far also indicates a hit just above the 1.20 level on the daily chart. If you look closely, that initial 1-2 (1)-(2) count I have near the top forms a bearish Goodman dagger...same thing we see on the longer term chart that I just posted.
Once it broke below the middle dagger low near 1.2995, that confirmed the bearish pattern and it tanked from there.
The bounce at 1.20 should be temporary as well. Ultimately, the final target is just below 1.17 which will confirm the larger bearish picture. Should be a nice rally at that level on a fifth wave bottom scenario.
The wave count so far also indicates a hit just above the 1.20 level on the daily chart. If you look closely, that initial 1-2 (1)-(2) count I have near the top forms a bearish Goodman dagger...same thing we see on the longer term chart that I just posted.
Once it broke below the middle dagger low near 1.2995, that confirmed the bearish pattern and it tanked from there.
The bounce at 1.20 should be temporary as well. Ultimately, the final target is just below 1.17 which will confirm the larger bearish picture. Should be a nice rally at that level on a fifth wave bottom scenario.
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