Wednesday, June 22, 2011

Euro - Elliott Triangle

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It appears as if a lot of volatility one way or the other in the euro. However, we're only about 3.5% off the 2011 highs and only 5% off the three-year high in the euro. Note* we have a fed announcement, 2:15 press conference, the fed is on hold. again, nothing new. The chart is range bound, despite all you're seeing in the news. The euro chart shows an Elliott Triangle formation, this is a fourth wave breakout, a fifth wave pushdown to the 142 will complete the pattern. That's the entry level to go long the euro into 1.42, put a stop below the 1.40 lows, and the risk/reward is great all the way back to the highs. The trend is higher toward 1.49. 
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