EURUSD Elliott Wave: Correction Up To 1.3500 Before Down

eurusd-nov-12-2013-4h

EURUSD reversed sharply to the downside in the last few days, clearly in five waves from above 1.3800 with a daily and weekly close price beneath the channel line connected from July lows. This break indicates a change in trend, and possible completion of a larger three wave rally in wave E. But as always we are focused on minimum expectations for the next few days and weeks, and that is a three wave decline from the top which is also expected on the alternate count which shows an incomplete wave E from 2012 low.
Written by www.ew-forecast.com

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com