Since the latter scenario includes a backtest, I guess it is more likely to give a significant reaction.
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MA
MarcinO
Rep: 67
Posts: 5,506
Apart from the area posted on Friday (1.13 and below - .886 ABCD) the Euro may also encounter strong support at 1.1240 (1.128 ABCD).
Since the latter scenario includes a backtest, I guess it is more likely to give a significant reaction.
Since the latter scenario includes a backtest, I guess it is more likely to give a significant reaction.
MA
MarcinO
Rep: 67
Posts: 5,506
Right now, the chances the areas mentioned above will produce something larger than short-term intraday reaction are pretty low, in my opinion.
I waited for this TL to be violated but I don't believe it is a low probability scenario due to political turmoil concerning Greece.
Besides, look at those two complex corrections. They are not exactly the same but very close to each other. Maybe we will see no bearish correction until new lows? Similar follow-up, proportion wise i.e. 2.618 of the last correction, would bring the Euro to 1.04. No claims it will happen, but one needs to be ready.
I waited for this TL to be violated but I don't believe it is a low probability scenario due to political turmoil concerning Greece.
Besides, look at those two complex corrections. They are not exactly the same but very close to each other. Maybe we will see no bearish correction until new lows? Similar follow-up, proportion wise i.e. 2.618 of the last correction, would bring the Euro to 1.04. No claims it will happen, but one needs to be ready.
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JI
jimkane
Rep: 3,058
Posts: 33,089
Now, here's a thought. Time to F with Marcin a bit. That area you have shown is just fantastic, the flow is amazing. I love it. But the low on the gap down is 41.75, and your number is 39, and we all know how the ES loves to come within a few points of your area and put it to you. So, I wonder...
Originally posted by MarcinO
ES. 2039?
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JI
jimkane
Rep: 3,058
Posts: 33,089
41... Two points away. But, my gut read is if anything, it will more likely break to the downside. We'll see. Be ready, though, when some spectacular 'resolution' is offered for Greece and the market explodes. I say the odds of a Grexit any time soon is trillions to one against it. I want it more than you can imagine, but I'm not seeing it at all.
MA
MarcinO
Rep: 67
Posts: 5,506
No, not at all.
So far the LOD is at 39.50.
I wonder how long it will hold.
So far the LOD is at 39.50.
I wonder how long it will hold.
Originally posted by jimkane
Uh-oh, I hope Marcin isn't mad at me...
MR
mreiserer
Rep: 110
Posts: 2,220
Hello all, long time. I am a bit out of 'trading' shape :)
I do expect the Euro to hit that lower ML at some point this year
I do expect the Euro to hit that lower ML at some point this year
MA
MarcinO
Rep: 67
Posts: 5,506
Hi, mreiserer!
I think everyone here is waiting for the Euro to hit 1.00.
I think everyone here is waiting for the Euro to hit 1.00.
