EURUSD: Upper Target 1.16086
Latest developments suggest that wave C of 4 (up) is still in progress and is now nearing the end of a component triangle fourth wave which seems intent on propelling price toward 1.16086. That level represents a .91257 retracement of the preceeding wave B (down) of 4. The percentage .91257 seems to be a recurring theme, at least within EURUSD, for which we might call "close but no cigar" nearly total retracements. This is especially the case with retracements of the legs of a triangle to their preceding legs, which are often between 78.6% and 100% in general.
This leads me to suspect that the greater 4th wave in EURUSD will still develop as a contracting triangle. The hypothesis right now is that wave C of it will end near the 1.16086 level, then be retraced three quarters or more by a wave D down (a three-wave zigzag, most likely), then a wave E up (three waves or a triangle in itself) followed by a resumption to the downward trend in wave 5 toward parity. Once we have waves C and D in place, the post-triangle thrust for wave 5 can be estimated.
This leads me to suspect that the greater 4th wave in EURUSD will still develop as a contracting triangle. The hypothesis right now is that wave C of it will end near the 1.16086 level, then be retraced three quarters or more by a wave D down (a three-wave zigzag, most likely), then a wave E up (three waves or a triangle in itself) followed by a resumption to the downward trend in wave 5 toward parity. Once we have waves C and D in place, the post-triangle thrust for wave 5 can be estimated.
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