It's unpopular count as many call for immediate short down towards sub-parity. The idea is simple - we got impulse up from 2000 low and now we are in a long term correction which shaped a very nice Falling Wedge pattern. None of the trend lines were broken so the model is valid.
The wave C up should be impulsive with minimum possible target at 1.75 level where C=A.
At the moment the structure of upmove is still corrective so it can be another wave X with possible target at 1.23-1.27 area which should be followed by another drop down in wave Z which should land in the area of often met 78.6% Fib retracement at 0.99 level or even below as wedge's support is at the 0.96 mark.
Gorbie, thank you for sharing! Looks good, let's see which way it will go!
AlbCM
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the timing of the bottom by mid-2018 is correct, but I do not expect it to go higher that 1.16 set on May 3. And the pair should eventually fall towards 0.85 area.
aibek
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Thank you for comment, AlbCM! You think that wave XX will be weak and we will soon continue down.
AlbCM
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I think 1.16 on May 3 was this year high. There will be another attempt to climb higher by Sept-Oct, but unlikely higher than 1.16. If you take Fib numbers 78.6/88.6 from 1.16, what do you have?
aibek
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Thanks again! Let us see! We should switch to daily TF to put 78.6/88.6 Fibs from 1.16 area highs and it will show only the area of potential bounce up in lesser degree ABC inside of XX.
MANOLIS
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by 2026 EURO probably won't exist anymore.. :)
btw thank you for sharing.!
aibek
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)))) I like to read catastrophic scenarios. You are welcome, Manolis!