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I noticed this pattern forming on the euro$ 4hr chart.
As the price is nearing the 38.2 fibo looks to be a nice a,b=c,d forming. So start looking now for reversal signal and conformation to establish an end to this current Bearish correction to the prevailing Bull trend.
Unless it drops below 38.2 thus breaking below the trend line and establishing the need for deeper correction.
Dave
edit: correct me if wrong. Can some one with more experience validate the analysis? I didn't pull measurements, just eyeballing it, as I am still learning this.
Thanks guys. There are actually half dozen different methods verifying this potential up comming turn in the euro$. Even fundamentally. Being memorial day in the U.S. gas prices get jacked for the summer, thus causing a drop in value of the $. Especially since gas is already over 3$ a gallon.
But back to harmonic patterns...
I pulled measurements on the a,b=c,d and there right on .618, and 1.618. But my target could be wrong.
Mabe some one can look at my projected target and agree or disagree? I targeted the 1.618 of the entire correction. I think thats appropriate. Should be projecting a wave 5.
Also in the 3 major waves down, a, and c are both 3 drive waves. and b is typical 3 wave zig zag.
Dave
Last edited by xxDavidxSxx; 05-27-2007 at 04:47 PM.
The start of wave "x" looks tricky. If pulled where I did, indicates a slightly lower move befor the reversal. But if moved the start of "x" wave to where they did, indicates the bottom is already in place.
Will be interesting to see who's starting point is more accurate as to when this will turn up.
Linear Mode
