Euro forecast as of 09/08/2009

EURUSD – Market broke out from the range today and Elliott is now showing two equally likely scenarios:

A: that market is in the process of  “Double Zig-Zag” (DZ) 3rd wave in the range of 1.5496 – 1.5909 between September 2nd and October 26th .

EURUSD5_090908_A_Blog

B:  that market is in the process of  “Double Zig-Zag” (DZ) 2nd wave in the range of 1.3093 – 1.3846 between July 1st and September 14th .

EURUSD5_090908_B_Blog

Market move continues move up makes it more likely that scenario A is playing out; market move below 1.4050 makes it more likely that scenario B is playing out.

Double Zig-Zag is a three wave pattern, where 1st and 3nd wave is Zig-Zag and the 2nd wave is corrective in nature.

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