Follow Up of the EUR/USD Short Term EWP

By: TheWaveTrading | Sun, Dec 22, 2013
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I Maintain the Triangle wave (B) scenario.

If this count is correct price is unfolding the wave (E). The equality extension target of a potential 3-wave up leg off the July 2012 low is located at 1.4424

If the Triangle pans out in the following thrust down (Wave C) the EUR could lose the parity.

EUR/USD Weekly Triangle Chart
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Lets now analyse the pattern from the July 2012 low.

It is clearly corrective.

In my opinion a potential Triple Zig Zag is underway.

If this is the case price is now unfolding the third wave (B) either with a Flat (Blue label) or a Triangle (Grey label)

Once the wave (B) is in place the following wave (Z) up is expected to establish the wave (E) of the Triangle scenario

EUR/USD Weekly Chart
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Lets now analyse the pattern off the July 9 2013 low:

Again we have a corrective pattern, probably at the October 25 peak price established the wave (A) of the TZZ count with a Double Zig Zag. Since both the pullback off the October 25 peak and the following up leg off the November 7 low are also corrective I am suggesting that price will establish the third wave (B) of the TZZ count with either a Flat (Blue label) or a Triangle (Grey label).

EUR/USD Daily Chart
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Author: TheWaveTrading


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