Update for: 2011-11-21 - 2011-11-27

Posted on: Sunday, 20 November 2011 14:13

eurusd

EURUSD: 1.3504

 Short-Term Trend:  weak downtrend

Outlook:

 Last week I thought wave [E] from the May 2011 top was over but the price action last week proved I was wrong. The October low may still be the lowest point of this corrective pattern but right now it is obvious the wave strucutre is incomplete. Thus, further weakness can't be ruled out but the price should stay abv the Oct low at 1.3146 for the presented wave count to remain valid. A decline below there will bring much bigger bearish expectations. Anyway, right now the trend is still slightly on the downside, so I do not like the idea of bottom picking.

I encourage you to wath my video analysis on all major markets (forex and stocks) that I recorded for you on Sunday.