Euro forecast as of 09/29/2009

EURUSD – Although market turned around and moved considerably down, the move has not been deep enough for Elliott to recognize the end of the wave, hence Elliott is still showing  “Double Zig-Zag” (DZ) 3rd wave in the range of 1.5496 – 1.5909 between September 2nd and October 26th .

Market has quite a bit more to go to reach DZ likely price range but is very much in the “Zig-Zag” 3rd wave likely time and price area. Market move below 1.4000 will mean the up move is over for a while and new longer-term wave down has started.

EURUSD5_090929_Blog

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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