Euro Out look

Euro Out look

Elwave is suggesting that there is a Daily 3rd wave down is still in play from the 25/07/2011 Post

However in the interim we are in a 4th wave decline. This needs to hold @ 1.4324 which is where 1 wave ends on the initial push up on the 14/07/201. (Remember wave 4 cannot enter the area of wave 1. As a result If 1.4324 will hold then a finial 3rd wave push up on the 4hr and 5th wave push up on the 1hrly time frame is still in play targeting 1st @ T:1.4444 and 2nd T: @ 1.4500

Rem: 1.4324 is the exit for any bullish move opening the door to the Daily 3rd wave decline scenario above will be under way in full effect Note also that the break of 1.4324 is also the break of the 1rh 200DMA



Which is also below the Gartley B line.

Note this trade can only be taken if 1.4300 1.4382 Holds which is the 4rh 200DMA.


Pls wait for a turning 4rh stochastic

And lower time frame momentum to signal a possiable entry.

Strategies Reads


Elwave Daily 3rd wave down. However Submin 3rd wave up


and an intraday finial 5th wave Bullish Rally in still in play as long as 1.4324/1.4282 holds . else expect futher down side from the Bearish Gartley indicator which was posted in past blogs on the 25/07/2011 above.
Mr price has also broken through the triangle wedge calling for futher down side to test 1.4324....

Synchronize:
Try to meger with 4rh hour Anchor  Sell Method...

Success %: Daily Resoultion N/A
5th of a 3 wave up 4hr and 1rhly resoultion 54% chance of Rally

Trade: Possiable Entry 1.4281 Stop 1.4260

Concerns
Panic  Striaght Crash!! down

I honestly think we need to repect the daily trend downn. however, a final push up in the Eur/usd is possible if the 4hr Stochastics manages to show positive signs, and Mr price holds up from a technical perspective leading us back to challenge highs ..I will anticipate indecision and may be a AB rally then down in C opening the gate for the Daily down trend to continue. However a failure below 1.4323 1.4250 will tempt me into placing a short trade there, Or positioning ones self for to sell into rallies, sell into strength @ 1.4323 and 1.4250 zone stop @ 1.4426 thats about a 176 pip Risk..
Still if Mr price hold up we go!!





Conclusions:  
Its like the trade idea from the 25/07/2011 post was spot on. We said that there could be a
Alternative scenario: Above 1.44 look for further upside with 1.444 & 1.45 as targets. Mr Price rallyed to 1.4542.
We have taken a tumble since then with previous scenarios25/7/2011  back in play ..
i.e break out zone needs to hold before any more up side. However with two attempts   at the top 1.4555 and and a possiable Daily 3rd wave down who knows. Still We could bounce around the 1.455 and 1.4260 zone into next week...????..