eurusd - 6E - ($) lines - euro topped ???

W

Wallace

i 'only' use fibos but there are some additional lines worth drawing on the Daily
chart and transposing to lower timeframes since their start point of a significant
HH, LL, HC, LC become significant support - resistance levels that coincidentally
may also be fibo levels

one can think of these lines as 'naturals', obvious really levels the price is bound to
react, interact with, sometimes briefly, sometimes over an extended period of time

black arrows indicate the start point of the horizontal line; the red horizontal only to
indicate it's a 'current' line of interest that may provide price support; Standard Error
Channels 3, 2, 1 plus the dotted white lines from the LL levels

the Oct 22 - Nov 9 HCs look suspiciously like a Reversal formation, EW AB - inverted
H&S — has the euro topped ?
or
gathering strength before attempting a dash through the no-man's land of 1.50 - 1.53 ?
 

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i like your lines.. ive been using the same ones.

i wanna see this test 1.45 (the bottom trend line)before the next leg up

i think we would need some type of major catalyst to have a trend reversal at this point, and if it does happen it will come from the equities market.
 
hi OTCkrak, i'm not expecting the euro to drop to 1.45, think it would go to 1.43 if
it goes to 45, but 45 would make me think a top has occurred rather than what i
currently think is a correction that should hold at 1.47 —
if in fact it breaks the 1.48 where i've got an exact s/r line at 1.4830, which changes
the nov 3 - current formation into a W 1 doing 2, ends friday and starts rallying again
next week - 5th wave has begun ?

lines on the original chart were all eyeballed, there's likely to be small differences
between users' price levels as a result of the data source, and 6E different than euro
 
this Monthly chart illustrates the idea that the euro HAS topped, the $ bottomed

looking at the chart i'd given the benefit of the doubt that the red A and B waves were an
Elliott AB Reversal formation, but
there could have been an ABC Correction - use black A and red A and B as the ABC labels -
suggesting the euro would go to the moon - bust 1.60 - which could still be a scenario if one
considers the black A and B are two thirds of an ABC Correction formation - but one that will
not complete until 2011 ? then rally to bust 1.60 - but in any case still means a top
and just to add some more conumdrumization, July/08 top to red B to red C is a Reversal
formation - the euro's going to 0.85

can there could be a re-rally until Feb and 1.55 reached before the fall begins - notice the
Mar-Jul 2008 Reversal formation

the question remains though — 'has the euro topped - $ bottomed ?'



30+ years currency charts: http://mrci.com/pdf/charts.php
 

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possibilities:
rally to 1.46
correction formation W 1-2 then drops
drops to 1.40 Dec 24 , 31 then correction formation
drops to 1.38+ then correction formation
 

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Yeah...it's topped but that doesn't imply it can't go back up. All it takes is something new in the fundamentals or global economics to change things.

Here are some key price areas I'm currently monitoring in Forex Currency EurUsd via the monthly, weekly and daily charts. These levels are only valid until the price action trades through them and new levels will appear whenever there's a global economic event and TA via change in supply/demand coming together as one.

Mark
 

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