Elliott Wave 5.0 "Reboot"

Wednesday, February 3, 2016

Euro Daily Chart Rally Review: Will It Last?

Since the March 2015 bottom of the Euro, the subsequent rally is not an impulse by any stretch of the imagination.  The waves overlapped right from the start, so I can only call what I see, keeping a specific starting point in mind. 

If this 4th wave proves true, then this Euro rally should run out of gas and come crashing back down, like the SpaceX rockets did on their floating drone ships. Any decline in the Euro will also be bad for gold as the Euro is still in the US dollar basket of currencies. 

Any dip back down to the 1.10 Euro range would confirm my short term bearish outlook.This daily chart shows a nice spike so either way a correction or a reversal is due.