EURUSD--Thursday, May 28, 2009
A short to medium term bull pattern with a projection for a completion around 1.42. So far the high has been around the 2.058 intermediate Fibonacci level. This morning a bounce from the 1.272 intermediate level.
Three wave mid-course corrective pattern. The third wave might be seen as having ended around the 1.272 level below the bottom of the first down wave. An alternative scenario could see a fall towards 1.3720-1.3740, which corresponds both to the 1.6.18 level and the original top of the alpha-beta base. It can also be seen on the 4 hour chart as the range of an intermediate trading zone from last Wednesday (May 20), a sort of "resting area" between the two impulsive moves from the beta low on Monday, May 18, to the high on Friday, May 22.