Time to buy EUR?

[mcdirt]

Not sure where to post questions like this. I've just got out of my short EUR position and looking at going long ... are we looking at an upleg now as Wave 4? Would appreciate any comment from someone that has a clue (unlike me) about Elliot/MTP.

rgds McDirt

[Tony Beckwith]

As a quick comment - with the trend clearly down, it may be better to watch for a new short opportunity IF it unfolds and as a simple ABC correction up...
We would not normally be looking to risk good money on calling the end of an impulse wave (Wave 3 here) and trading into a potential correction.
Worth watching though and thanks for the post!

Tony.

[mcdirt]

Thanks Tony, good point .... although there could be 400pips in there! I'll watch to see if it moves up to the Typical Wave 4 area and then gives a reversal bar.

rgds McDirt