AFTER THE 400 PIP SELL OFF DUE TO THE ECB'S PRESUMPTION TO CONTINUE ITS EFFORTS TO AVOID DEFLATIONARY PRESSURES AND REDUCE THE CAPITAL INFLOWS FROM EURO COUNTRIES SURROUNDING THE UKRAINE CRISES ITS APPEARS THAT DOWNWARD PRESSURE ON THE EURO IS BEGINNING TO WIND DOWN. THE FIRST CORRECTIVE STRUCTURE WAS A EXPANDING TRIANGLE WHICH THEN BROKE INTO A WEDGE THEN TO FORM A TRIANGLE. ALL THIS CONSTRICTING PRICE ACTIVITY POINTS TO A LARGE BREAKOUT TO THE UPSIDE, GIVEN THAT THESE PATTERNS UNDER ELLIOTT WAVE THEORY ARE ALL TERMINATION PATTERNS. I FORESEE PRICES TO CONTINUE TO BE VOLATILE IN THE NEAR TERM AS IT IS ALWAYS DIFFICULT TO FORECAST CORRECTIVE PRICE ACTION UNDER THE ELLIOTT WAVE PARADIGM. NONETHELESS THE CURRENT STRUCTURE IN THE MARKET IS CORRECTIVE AND THE LONG TERM PICTURE IS DIRE FOR THE EURO GIVEN THE POLICY MEASURES THAT ARE GOING TO BE ENACTED BY THE ECB.