Market has not moved much. RSI is at overbought. This should be the 'A' wave of a zigzag. If so then prices should retest the 1.3700s level before resuming the uptrend. An alternate scenario is that there may be a triangle forming. PA will confirm.

Wave [3] = 1.618 X Wave [1]

I expect EURUSD to drop strongly down from current levels.

@stockhunter - I use saxobank, fxcm and fxdd.
I saw you ventured into VIPortal. My gut feeling has rejected it due to those crazy returns similar to HYIP schemes, but good luck.

Revised count.


In Elliott Price Action (PA) is very important. Every move has a bearing on what should happen next. Hence the need to revise counts if necessary.

It is important to remember though that Elliott has very specific points of invalidation. So if price moves beyond what you should expect then you imediately know that your count may be wrong.

Also in Elliott, you may have a risk of about only 30 pips against a potential target of >100 pips. That's a risk:reward of over the recommended 3:1. If you lose you lose a little. But if you strike, you strike big.

Ok. Me I expect 1.3820 to be visited before a fall to about 1.3670s.

@hisah. Your links above lead to outlook. Any idea how to open them?

Nice day guys.

@mnandii - they're not links. It's coz I used the @ sign and the forum engine thinks they're are email addresses.

I've taken the EURUSD short out after 1.3778 was tested in Asia session as well as GBPUSD @1.6731. Like I said I was looking for a quick 20 - 40 pips on lot size 3. Definitely the upside is still favoured for now. However, GBPUSD sits at multi-yr resistance since 2009. Break above 1.7100 will target 1.8700 before the next large selloff while EURUSD targets 1.4500. This is why I've been onto GBP trades. Failure to break 1.7100 will see large declines and breakout will see sizable rally. The beast (GBPJPY) has already taken out 163 multi-yr resistance with scope towards 184. But from what I see on the yen, should those levels be tested, sizable declines will make yen bulls smile when the time comes.

Ok.