EURUSD The Ending Diagonal Project

By: TheWaveTrading | Wed, Aug 22, 2012
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Follow up of the scenario I posted on July 11, which would be aligned with a similar EWP that I have discussed today for the USD Index.

On July 11 I posted 2 potential Ending Diagonal projects depending upon if, from the May 2011 top, price is unfolding either a Double Zig Zag or a Zig Zag.

The Ending Diagonal option of the Double Zig Zag has been invalidated while the larger Ending Diagonal idea of the Zig Zag requires an overlap above 1.2622 for the assumed wave (IV).

EUR vs USD
Larger Image

Well, we are now very close to the overlap area, which has to be also the reversal point for the final wave (V) down if the Ending Diagonal is the correct pattern.

 


 

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Author: TheWaveTrading

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