I’ve never been a big Elliot wave guy. I have enough trouble with the very basics…but when you see a chart marked up with all the neat little 1,2,3s and abcs it paints a pretty compelling portrait. One of the big forex desks is putting around an analysis this morning suggesting a big thrust to the downside with targets in the 1.15 region. Judging by the price action (we’re now at 1.2835 from 1.2875, this report has landed in more in-boxes than just ours.
Above is my very rough approximation of what the chart looks like…
