Elliott Wave Plus

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 http://elliottwavepre.wpengine.com/?p=260).  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  http://elliottwavepre.wpengine.com/?p=282 for my long term Elliott Wave forecast for the Nasdaq Index.

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