a 3rd wave in progress...

Well, it seems that the x wave was over at the 2660 area and what we were witnessing since then was the beginning of a new impulsive wave... A 1-2, 1-2 senario is forming and now we are at the middle of the most powerful wave of it... the 3rd wave...  targets for this 3rd wave are illustrated as the extension of the 1st wave and more possible those are the 261, 8% and 423,6% extensions of that 1st wave... so we still have some room to the upside...

What we expect to happen then is a correction as a b wave and then another wave up... that will finish a w-x-y wave sequence since the 2030 lows and allow for a deeper correction... so, now we have a clear map to work on...
trade safe

A LD looks very likely

All this choppy - sloppy upwards price action could really be a LD... if that is the case we are near at the completion of the formation... stops for any long position should be a few pips below 2658, 'cos LDs tend to be followed by deep second waves generally...

recent price action isn't very convincing

Even though we got a new low as expected per the previous post and price rallied afterwards, I am not very convinced of the rpice action so far... so I am tempted to present an alternative senario which puts us in a flat correction as a final y leg before we call that the final low...
I have some trouble uploading the chart , so click here to view it

one more low to 12705

should complete an expanded flat as a 2nd wave.. afterwards a powerful 3rd wave should take us higher...
that  is because the advance from 12715 doesn't look very impulsive, so I suspect it is a b wave... possible price action as illustrated...

target for the 2/b wave seems in

... if the wave 2/B has finished, that means we r at the beginning of a massive rally that should take us at least to 13800 level and possibly within the next month or so... I suspect the white c wave was actually an ending diagonal... and now that everyone is expecting at least one more wave down or even worse the continuation of the downtrend we should skyrocket high... we'll see... trade safe

100 pips down and then...

get ready for a >1000 pips rally... that 1000 pips rally should take about 30 trading days to evolve.. but first one last decline...

ps. I know it's been a while since I last updated the blog.. I will try to do it more often so on...

to 13230 and then higher...

we are now at a corrective phase which again has been formed as a flat correction... the c leg is missing and we are now seeing it developing... after that, a powerful rally should take us above 13500

another expanded flat as a 2nd wave

...and now we have entered a 3rd wave in multiple degrees senario... If you check the previous post you will see that I expected a flat pattern to complete the big 2nd wave started at late January... I expected an expanded one but interestinlgy a running flat finally formed... that is even more eurusd bullish... Since mid march another 5 wave advance took place and got corrected by an expanded flat 2nd wave... So, everything now points for a 3rd wave in multiple degrees to take us to at least 13600 at first and higher afterwards...

Take care and trade safe..!

2nd wave isn't over yet

I know it's been a long time since I last posted an elliott wave analysis of the eurusd currency pair, but I have been kind of busy with some new techniques... Nevertheless, I have posted some counts in my twitter account, which you are all welcome to follow (@triantafx)... Now, to start with a statement: I have turned into a long term eurusd bullish scenario, since things in the USA, besides the latest recovery, reveal a really bad financial image, with usd poised to decline even more in the years to come...
Regarding the current eurusd movement i have the following to say: price action since 13th of Jannuary looks impulsive in nature with the 1st wave already over and the second wave taking the form of a complex flat correction (possibly expanded), not yet over... we seem to have some more downside to go for... target to end this correction lies in the fibo area as pointed out in the picture...

Is a flat unfolding?

In the case of a "risk off" event during the weekend this flat correction could play nicely... or else, correction is finished and we r going way higher next week... of course there is always the chance of an expanded flat unfolding, but imho any breaking above 13915 should be respected and long moves should be initiated...