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.

Thursday, 17 October 2013

EURUSD: playing chicken?

The basic count assumption being tested is that this leg up from 1.27438 is a wave 2, with the prior top being 1.3710. If price takes out 1.3710, then it is probable that this leg up from 1.27438 is a 'c' wave up instead. An a=c equivalent target is1.4415. So, I might be playing chicken with this "is it a wave 5 or an expanded flat" but I am certainly not playing the same with is it a "wave 2 or a 'c' wave". So, short cover is in place above the 1.3710 high but I do hope it is not needed!

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