Is Eurron FLAT, Normal or Expanded?

Start of the year we started with two counts, a preferred and alternate. The preferred view considered an intermediate top at 3.84 and Alternate considered another pending upmove before Eurron anticipated weakness comes to an end. All this early FEB 2008 view came after we got the move up from 3.08 (July 2007).
The preferred view was on dot, as prices did ease from 3.84 levels and fell as low as 3.45 levels. However, there were a few concerns. First the price structure down was a lot overlapping (SLIDE 3). This was a sign of countertrend and not a real reversal of trend. Second. The fall was not deep enough and barely retraced 50% of the move up from 3.08 till 3.84. Third. The RSI weekly momentum continued to hold at 40 levels (SLIDE 3). Fourth. Things became more clear when BETFI continued to collapse and there was no intermarket support from equity markets for EURRON strength.
BETFI and EURRON connection has been working for more than 5 years now. A strong equity markets witnessed a strengthening EURRON and a turn from JULY 2007 in BETFI coincided with the weakness in EURRON. Fifth. Time cycles also suggested that that the move down (SLIDE 3) was more of a B counter trend with another C leg up pending. We moved to an anticipated positive view above 3.6 and highlighted potential upmove first till 3.84 and then higher till 3.92-3.93 levels. This is what happened as prices made a new intermediate high at 3.98, just shy of the psychological 4 levels.
Now what? Though prices seem to have hit minor and intermediate resistances at 3.98 levels with a WEEKLY KEY REVERSAL (SLIDE 2) to boot, EXPANDED FLAT are more regular than NORMAL FLATS (RIGHT). This is why current resistances at 3.98-4 are KEY if the anticpated multi month down trend has to pan out. We also would expect a move up on BETFI and gobal equity markets to bottom in OCT for the antcipated preferred intermediate view to hold.
The latest WAVES.FOREX carries more anticpated happened cases on British Pound GBP (TARGET AT 1.7 HIT), YEN (anticipated negativity strengthened) and EURRCHF (Cracked down from anticipated turn at 1.6). Hungarian Forint did not stop at our anticipated targets at 180 and pushed higher and so did Croatian Kuna. EUR DOLLAR failed to hold above KEY 1.38 anticipated supports and is now at 0.618 KEY FIB levels.
Enjoy the latest WAVES.FOREX.131008
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