EURUSD: 8.15am

The possibility of a move down towards the 38.2% retracement of the 1.2041-1.3171 wave was commented on last night and this morning does seem to be giving that impression. However, we are also at the 50% retracement zone for the rolling yearly high/low range, having bent over backwards to reach here, although the median of the rolling year regression channel is somewhat lower. I have still got a topping area higher in the 1.3200-1.3300 if the annual (gold) cycles trough ahead is to be believed. So, on the basis that what we have been witnessing of late is a corrective 'abc' from 1.3171 in a 4th wave up from 1.2041, we should now see a 5th wave up into the New Year. We could of course be in an impulsive wave downhill and a completely different overall count, but for now, that is what I am working with and I am looking for My-Wave to roll over to the upside, which can be seen is not here yet!