(Wednesday, 02 July 2008 13:49:44 GMT)
The EURUSD triangle count is eliminated with the push through 1.5843. Still, a small second wave should unfold in the EURUSD next week and bring the pair back near 1.5700. Near term, 1.5900 is resistance.
The EURUSD is expected to exceed 1.6018 and continue on to all-time highs in the next few weeks. We can eliminate the triangle count since the EURUSD exceeded 1.5843. This leaves us with 2 counts going forward. The preferred count treats the advance from 1.5283 as a series of 1st and 2nd waves (1 and 2 of V). The rally from 1.5303 is wav i of 3. While wave i of 3 may extend a bit more, expect a wave ii drop to begin soon and bring price back below 1.5720.
Bigger picture, the NZDUSD is expected to advance to the 50% of .7921-.7445 at .7683 and perhaps even the 61.8%-78.6% at .7740-.7920. A rally to there would fill the 6/4 gap. The up-down sequence from .7445 is probably waves A and B. Wave C is considered underway as long as price is above .7530.
STRATEGY: Bullish, against .7530, target TBD
STRATEGY: Bullish, against .7530, target TBD
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