FXCPS

Forex Chart Pattern Signals

Monday, July 10, 2006

Euro Support



If shorting the Euro, lookout around 12668 as there is a cluster support.

Cable Wave Count



Similar wave count on the British Pound to the Euro but wave 2 or B on Cable reached 0.786 exactly. If the wave count is correct then the price will at some point go lower than 17046.

Euro Elliott Wave Count



With my Euro wave count, on the 31st December 2004 is a wave 3. This is probably the case as wave B (red arrow) is around the 0.618 line. However, the 31st December 2004 could actually be a wave 3, the wave 1 or A could be the wave 4 on the 18th November 2005 so currently we could be doing a wave 5.
Although, as wave 2 or B is not only at 0.618 and but also a previous resistance and looks like the right shoulder formation. If this is the case and a head and shoulders is formed then the first wave count that is also labelled on the chart will probably be the correct one which would mean wave C will go lower than wave A.

Elliott Waves

Ok, I got your email referring to what Elliott waves the main currencies are on. I only count the waves for EurUsd and GbpUsd and will post both of these in the morning for you.