Nice chart villas. So you follow Elliott waves? I see a rising wedge in your Euro chart, and this is sort of where I am expecting to see the EURO through next week, but I see the action most likely being very very choppy over the next 3 or so weeks with neither USD or EURO gaining much on eachother over this time period. I think spots will have to be picked very carefully. I see a slight bias to the EUR most likely next week though...
On your chart are you saying iii is likely over and you are expecting an ABC correction NOW in the EUR/USD and what level do you expect EUR/USD to go down to?
As a side note... Not to knock Eliott waves or your fine work here, but I wanted to take a second to vent about Elliott waves and what I see as a big problem with them. Eliott waves were one of the 'gurus' I used to follow until I lost my ass following their 'advice' and what they saw as correct wave patterns. Pretcher has been calling for a market top since Summer '09 and the market has basically been a straight line up since then. I'm only glad I dumped them and went out on my own and really buckled down and started thinking more for myself. The main problem I see with the methodology (which I don't doubt, but EVERY method makes itself apparent AFTER the fact) is that no one ever seems to know for sure what the 'true' wave count it or where we are really at in the patterns. The 'true' wave count can only be confirmed, at some later date in the future, after the event has already completely unfolded and sometimes not even then. I mean, if something they aren't expecting to happen occurs, they just call it a 'so and so' triangle... if something else takes too long to develop, they just call it an added expanding flat or some other such nonsense... case in point, it all gets very tiresome after a while. I know they have been calling for a massive USD rally for about 6 months and the USD has been down in a straight line since then. I also know they have been waiting for this 'iii' down in the DOW for about the same amount of time and the markets have gone up parabolically since then. This is a problem. A real problem. Is Pretcher still waiting for a collapse, or has he given up yet? THe markets still appear very very strong, and nothing like '08 is apparent in the charts to me, at least not at the moment...
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