EURUSD 16th December, 2011 Video
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Elliott Wave chart analysis for the EURUSD for 14th December, 2011. Please click on the charts below to enlarge.

The euro continued lower into our target zone from our last analysis. This was then followed by a sideways correction as expected.

Within wave iii pink waves (i) and (ii) green are complete.

Wave i and ii orange within wave (iii) green is seen as complete. Wave i orange is seen as a leading contracting diagonal. Wave ii orange has not retraced as deep as is commonly seen for second waves following a leading diagonal.

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Elliott Wave chart analysis for the EURUSD for 12th December, 2011. Please click on the charts below to enlarge.

As our last analysis expected the euro has strongly moved lower since the markets opened.

Within wave iii pink waves (i) and (ii) green are complete.

Wave i and ii orange within wave (iii) green is seen as complete. Wave i orange is seen as a leading contracting diagonal. Wave ii orange has not retraced as deep as is commonly seen for second waves following a leading diagonal which leaves an outside chance that wave ii orange may extend further to the upside. This however is becoming less likely.

At 1.29037 wave iii orange would reach equality with wave i orange. This is a rather conservative target and once we have more of the sub divisions within wave iii orange complete we would have a better idea as to which of the Fibonacci ratios are more likely and would then calculate accordingly.

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