EUR/USD M30 & H1 Update

Last Fib Time Cluster worked well as a resistance in time but price did not make new high and it looks like this clusters were just a general resistance/support levels in time because EUR/USD is still in narrow correction cycle.

I've decided to move wave 3 at the top of the spike because wave b seems to be out of place: too short and much of an impulse looking wave really. Anyway it is hard to say due to the gap. Default treatment of the gap for me is as an impulsive wave and this is why alt:5 label is there on the top as well.

Nevertheless, I expect some kind of spike to the upside that I will treat as a wave 5 before some serious coorection will take place.


Seb

Source | Elliott Wave NYSE And Forex Blog | http://elliottfxtrader.blogspot.com/2012/12/eurusd-m30-h1-update_18.html