EUR/USD – March 2, 2011 – Daily Candles. The bullish pink (minute) wave 3 finally gets going . .

The EUR/USD currency pair finally got legs today, and broke through a key resistance line at 1.38631 (ask).  This is the behavior I’ve been looking for to confirm my long term Elliott Wave count (see  The Euro should not only continue to the upside as I had predicted, it may “prop up” the US stock market for a little bit, until these 5 pink waves to the upside are complete.  At that juncture, when the Euro turns southward, the stock market will likely be less resistant to downward movement.   See for my long term Elliott Wave forecast for the Nasdaq Index.