Elliott Wave 5.0 "Reboot"

Thursday, October 6, 2016

Euro Cycle Degree Crash Review!





Recently I have been updating several key Cycle degree wave positions. The Euro so called bear market may be much bigger, than we can imagine at this time, in October, 2016.  It is the Euro that is the reverse of the US dollar, as the US dollar is in a huge bull market of the same degree. 

The 2008 peak of the Euro is now home to a Cycle degree wave III position, which is now followed with a 1-2, 1-2, and another 1-2 wave count.  I still expect a rally to new highs, but this should come to a halt, after which the Euro should resume its bear market with a vengeance. 

The Euro should bottom below the 1985 bottom on a Cycle degree 5th wave decline. This decline bottom would then bring any Supercycle degree pattern closer to us, but it also could be the setup for a Euro disappearing act.  

Any newer Euro low, will help to confirm that the Euro bear market is still alive and well.  
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Updated October, 14, 2016




The big monthly chart above, I showed you a potential wave three being the largest wave. The decline at this time is extremely choppy, which means we are in a 5th down not a wave 3.  What this does, is tell us that the last 5th wave of a Primary degree, will be an extended one.  This would be an obvious and blatant divergence from gold, as for 8 years or so they were best of friends. 

Since this entire decline sure looks like a diagonal, we have to keep it in mind, that we could be at a Primary degree already.  If that were the case, then yes, the Euro could have a very big upside move.

I will update this posting next month and look for a Primary degree bottom.