AceTraderForex May 9: Weekly Elliott wave analysis on EUR/USD

[B]WEEKLY ELLIOTT WAVE ANALYSIS ON EUR/USD[/B]

. EUR/USD - 1.3915 … Despite euro’s retreat after penetrating Jan’s high at 1.3894 to 1.3967 on Mar, as long as 1.3477 sup holds, the 3-legged up move fm 1.2042 (Jul 2012) which is developing into a 3-legged a-b-c wave (see the details below) wud resume after consolidation, yield further gain to 1.4000 1st.

. Referring to the larger degree count below, the peak at 1.6040 (we called this Lehman top) marked the end of a 5-waver move fm 0.8228, the large 3-legged decline to 1.1876 is the A-B-C of the [A] wave, subsequent erratic rise to 2011 high at 1.4940 is also another 3-legged A-B-C of the [B] wave, the sell off fm 1.4248 is therefore the [C] wave n has ended at 1.2042 in July. The rally fm there is labeled as wave a:1.2042-1.3711; b:1.2745 n wave c may extend to 1.4000 n then 1.4414 (equality proj. of the length of wave a measured fm wave b trough).

. On the downside, only below 1.3295 wud risk weakness to 1.3105 but break needed to signal the 3-legged up move is over n may yield weakness to 1.2745 1st.

------------------- *** LARGER DEGREE WAVE COUNT *** -------------------
17 Nov 2011… The ‘impulsive’ rise fm euro-era low at 0.8228 (Oct 00’) to 1.6040 (Jul 08’) is a 5-waver with wave [1} at 0.9505, [2] at 0.8350, [3] at 1.3670, [4] at 1.1640 & wave [5] at 1.6040. The subsequent ‘roller-coaster’ move is turning into [A]-[B]-[C] waves with wave [A] at 1.1876, [B] wave is currently unfolding into a ‘complex’ A-B-C with A-leg ended at 1.4940, now is B-wave of [B]…