UPDATE (Jun/02/2008)
Seems to be that the retracement previously forectasted, is reaching its end. That could be confirmed by the overbought stochastics.
UPDATE
Ok, The pair hit the first and second targets, and went down to make a double bottom.
For me, such movements corresponds to the A and B legs of an ABC correction which, as per Elliott Wave theory rules, will not go beyond the 0.9997 level, because this one is the begining of previous wave 2 ("...wave 4 will not penetrate wave 2"...)
So, if my counts are well done, i expect the price retrace to then begi the unfolding of the final 5th wave.
Original post.
For me, such movements corresponds to the A and B legs of an ABC correction which, as per Elliott Wave theory rules, will not go beyond the 0.9997 level, because this one is the begining of previous wave 2 ("...wave 4 will not penetrate wave 2"...)
So, if my counts are well done, i expect the price retrace to then begi the unfolding of the final 5th wave.
Original post.
Seems to be that the pair is retracing in a corrective Wave 4 of an impulsive wave to the downside.
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