Disclaimer

Disclaimer: This blog should be read as a 'whiteboard' of my daily thoughts and ramblings and specifically not, in any way, advice to trade. My interpretation of the works of Gann, Goodman, Fibonacci, Elliott, Hurst et al; is entirely my own and should be read as such. Any opinions, news, research, analyses, prices, or other information contained in this report are provided as general market commentary, and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Tuesday 6 November 2012

EURUSD: bigger picture

Here is my daily chart showing all off the median 'tides' over longer time frames. See how the 3m and 6m are following up behind the 2month in a very clean stack, butting up against the yearly tide. A move to the monthly tide again would push price above that yearly tide line! From my bi-weekly summary 'Lines in the Sky', I had been working on that initial move up from 1.2041 being an 'A' wave as being part of an 'ABC' to make up the 'e' leg of the triangle from the 2008 high, to complete 'B'. We would then have a substantial decline down into the parity level with the US$. This 'A' leg either completed at 1.3171 and this is the 'B' leg of that ABC=e wave, or we are completing wave 4 of that A leg and moving into the 5th wave. There are other counts of course, including the '1-2, 1-2' count in the big 'C' leg already, but I have not been comfortable with that for a whole year given the incessant chop chop.

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