Quick Idea (not a prediction) on the Euro by Sid from ElliottWavePredictions.com

Sid Norris
 In Blog, EUR/USD

This is not a prediction. Its an idea. An idea that seems quite absurd after the recent 1000 pip elevator ride downward in the Euro, but:

. . . the pattern since the August 29 high of 1.455 looks suspiciously like an ABC zigzag, supported by waves A and C being virtually equal in length, a fairly common characteristic of zigzags. Also, and more importantly, wave B of the supposed zigzag looks very much like a triangle. This is important because triangles cannot appear alone in a wave 2 position.

What is the point of all of this? Zigzags are corrective structures, and generally move against the trend.

That being said, if we get a 5th wave down pretty soon, accompanied by the usual MACD divergence on a 180-360 minute chart, this idea is likely out the window . .


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