« November 2009 | Main | January 2010 »
Updating the pattern shown on the previous post, support seems to have kicked in for EURUSD around the 1.618 level of the impulsive move up. This corresponds with a 38.2% retracement of the impulsive wave up (i.e., from the beta low to the 2.618 delta target).
This support level seen in ever increasing detail.
A daily chart:
A 4 hour chart:
And a 1 hour chart:
An impulsive pattern first explored in a post in September, which called for a 2.618 extended target above 1.51 seems to have completed itself. The theoretical target was 1.5117. The actual high on November 27 was about 30 pips north of that.
Here is the pattern:
And here it is stretched that 30 or so pips towards the actual high:
Notice how support originally came in around a minor Fibonacci level of 2.058, or 0.786 of the entire impulsive move from the beta low. But there was no appreciable bounce off that level. And at the moment that level might be giving way.
An 8 hour chart:
