Quick Update on the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.

The Euro is following the roadmap set out in the previous post nicely. If the main count shown is correct, the Euro will rally early next week, likely through Tuesday, October 23rd. The wave 5 green target is still at 1.32, where wave C blue will be 2.618 times the length that blue wave A was. On October 23, there is a confluence of pink and green center channel lines. If the Euro does rally toward 1.32 over the next 2-3 trading days, there should be a clear MACD-line 240-minute divergence between the green 3 high and the green 5 top.

As an alternate, if the Euro moves below green 4 invalidation at 1.2991, the black wave 2 top likely occured on October 17 with a truncated pink 5th wave.

I am expecting a major trend charge at the end of black wave 2, with strong subsequent downward movement, so there are ramifications on the very near horizon across the board for most equities, currencies, and commodities.

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Sid
http://elliottwavepre.wpengine.com