From Goldman Sachs' 'The Charts That Matter Next Week'
(published on Friday 31 July ... so they are referring to this current week)
They say ... "In the FX space, EURUSD is corrective/messy..."
Corrective markets tend to be messy and difficult which is very much the case for EURUSD
- The rally from Mar. 16th to May 15th met a 1.618 extension target at 1.1482
- The decline since May 15th is approaching a 1.00 extension target at 1.0790
- From this point onwards, would expect to see another minor ABC/5-wave move develop from the 1.0790 low
- A possible ABC from the Jul. 20th low extends out to1.1216. A break above that point will increase the chances of eventually reaching 1.1414-32 (1.618 from Jul.20th and a 0.618 extension from Mar. '15)
- Would have to see a close below 1.0790 to suggest potential for a serious decline to develop
I'm not a user of Elliot Wave, but those who are, what are your thoughts on Goldman Sachs' EW take on the EUR/USD?
