Here's just my thoughts about the exchange rate for the currency pair. It seems to me that the low around 1.057 was a failed fifth wave after a long sideways trend. From the 1.057 mark, I think we're headed up over a long, multi-year trend. The question is, "What is about to happen from 1.117?"
I think there are two options. Option one is that 1.057-1.099 was the first leg and we're in the third leg now, which would mean moving upwards towards 1.15. The other possibility, and what I fear is the probable scenario is the move from 1.057 to 1.124 is wave one and we're now in a correction for wave two that will bring us back down to around 1.08. That would also fit nicely into the gap of the close of 4/21 and the open on 4/24. We'll see, but I think that's where we're headed next. After that, it would be off towards 1.18 or higher.
Only time will tell.
I think there are two options. Option one is that 1.057-1.099 was the first leg and we're in the third leg now, which would mean moving upwards towards 1.15. The other possibility, and what I fear is the probable scenario is the move from 1.057 to 1.124 is wave one and we're now in a correction for wave two that will bring us back down to around 1.08. That would also fit nicely into the gap of the close of 4/21 and the open on 4/24. We'll see, but I think that's where we're headed next. After that, it would be off towards 1.18 or higher.
Only time will tell.
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