Thursday, 12 April 2012

EURUSD, Thursday, April 12, 2012

Euro monhly chart below started wave C down to 1.260-1.245. Theoretically this should be a 5 waves down.  Stochastic on the way down again.

Note the yellow arrows: next June will mark 11 years since the major low in June 2001. Do we have to wait till June 2013 to complete 144 month and see a turning point? (Gann-Fibonacci number).

White globes in the weekly chart below warn that we touched the channel 5 times. This means that: 1) this wave could be short, 2) it could take longer then usual, 3) the inclination could be mild, 4) there will be a breakout and the chart will leave the channel. The stochastic confirms the downtrend.

The daily chart below shows a double top, the whole patttern looks similar to a Head and Shoulder and wave 2 (turquoise color) is completed. All confirmations that the first target should be 1.26930.

The 5 wave retracement up in the 4hour chart below almost touched the 38% around 1.316. Stochastic in bearish divergence

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