EUR/USD - The call for a correction towards 1.2995 was well founded

EUR/USD the call for a correction towards 1.2995 was well founded 

The call yesterday for a correction towards 1.2995, which marks the top of wave iv of one lessor degree was well founded. Not alone do we find the top of wave iv of one lessor degree at 1.2995, but the 38.2% corrective target is found at 1.2958, so we should expect the top of wave 4 to be found within the 1.2958 - 1.2995 area. 

As wave 2 was a flat correction, we should expect wave 4 to be a zig-zag correction. It could also be a triangle, but as the internal waves of a triangle is made up of zig-zag's, we will be correct about the first wave no matter which corrective type will be seen. 

Short term support at 1.2661 should protect the downside for the rally towards the 1.2958 - 1.2995 area. That said, we should look for some kind of resistance at 1.2782, which marks the 23.6% corrective target and finally remember, this is only a correction. 

Hani
2014-06-06
I have been a fan of you blog for several years!
I am so impressed at your renewal.
Elliott wave analysis is so difficult to me, but so interesting and useful.

Thank you
Hani
Duane
2014-08-29
Hey EWS,

Great work on the GBPCAD and the NZDCAD. These are the type of opportunities that I am looking for, monthly turns caught with daily or hourly entries. Easy money!!

Duane
Darryl
2014-09-14
Love the good work, most accurate I’ve found in my research. Darryl