Euro--Wednesday Morning, April 9, 2008
Still backing and filling along fibonacci levels for a run above 1.60. So far this week it has been stuck in the middle of the range (0.382--0.618) between 1.618 and 2.618 delta targets.
UPDATE--9:30 AM
The 2 moves down since the initial top on the March 16 Sunday night Bear Sterns panic have each shown an impulsive quality, with alpha-beta bases and delta impulsive moves.
The first was described in a March 25 post , the relevant part of which was--
So far slightly more than 50% of the impulsive delta wave move has been retraced.
The second move, from March 31 to April 3 low had a very small base and an extended impulsive move, ending around the 6.854 target.
