Euro forecast as of 10/13/2009

EURUSD – Market continued to move up, so 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_091013_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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