Apologies for missing the last two weeks on FX Tutors. I actually published 2 newsletters on ElliottWaves.com.au but my ITs messed it up badly. Similar faith had the new type of video-newsletter on YouTube. BTW, my newsletter will stay free although you may have to login to get it sometimes in the future.
Before getting into our usual analysis (today: EURUSD) let me remind you that:
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- first 3 sessions about
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SETUP on EURUSD, Tuesday March 26, 2013, (please read our disclaimer)
The Euro, now at 1.2864, is yet to complete a pattern of 5 waves down (numbered in magenta). This pattern constitutes the "major wave 4" and it's made of 5 waves. See the monthly chart below.
Although it went nicely through a set of 1-2-3-4 waves (in magenta), it didn't complete the last one yet which is unfolding with a 5-3-5.
More precisely, we have only a mere "5-3" out of a 5-3-5, where this "3" is usually called "2 step pattern".
After performing this "2 step pattern" (see monthly and weekly chart below) as I predicted months ago, the Euro resumed its way down and it is now heading to 1.19 and maybe to the area 1.120-1.065.
This will be possible with 5 waves down of a minor grade, the first of which seems to be completed.
Monthly chart: click to enlarge
NOTE: the "2 step pattern is the middle formation that links a 5-3-5 down or a 5-3-3".
In the weekly chart below, after point 4 (in magenta) we had 5 waves down followed by this "2 step pattern" which is always made of 3 waves.
This will be followed by some 5 waves down (occasionally, only 3)
Weekly chart: click to enlarge
SETUP: After the "2 step pattern" in parole the EUR completed the first of 5 waves down in the Daily Chart and it's ready to bounce back upwards to make wave 2 (in 3 waves up).
Likely target: 1.3040
Possible target: the area 1.3120-1.3134
Please check the 1-hour chart: the EURO doesn't seem to be really convinced to rebound, meaning that there could be another attempt to reach 1.283-1.284. Just keep your eyes open.
Daily chart: click to enlarge
4-hour chart: click to enlarge
1-hour chart: click to enlarge