EURUSD

 I think my count from Friday went pretty well, although I am looking for this to break down some time soon.





For those that follow along, I had placed the target boxes in the momentum sub chart a few weeks ago, s o it should be no surprise that I am expecting leg 7 to have a high and commence the move down into leg 8. This last move should complete the 80 day cycle, although I have to be wary of these longer cycles running short or long. Either way, I am looking for the 7th 10 day low to start looking for a turn down and the pace of that movement will help determine what might be on the cards.

Price continues to push against the 80day FLD (blue), but the price envelope and momentum study seem to support the likelihood of my 7th 10day low coming along soon. The elipse should mark out the uphill failure, if the high is in overnight, and any fall will push against that 10/20 day trend band to clarify any bullish intent afterwards.

So where to? Well, we have been peppering the 20day FLD at the same time as the 40day and 80day since Friday, so the only one missing in the sequence is the 10day - now look where that is? It is underneath the 160day FLD! On the move down to the 10day, the 5day FLD will also get 'cut' which would mean that since last week's sit in at the 160day FLD, price has reached back and touched all of its derivative components - the 5,10,20,40 & 80day FLDs. In my mind, any drop down should be viewed with the possibility of a decent drop or more.... just in case that 160day FLD fails this time. I have gone net short, just a little bit more to 50% allocation.