General Overview for 03/01/2014 16:00 CET
There are two main counts for this pair and the main difference is in degree of labeling. The market is still in a last stages of a Triangle formation wave B.
Weekly charts possible scenarios are:
– SCENARIO 1 – MAIN COUNT – The current wave dvelopment is missing wave C blue to the downside, before the upside trend will resume. This wave C will be the last wave of the XX corrective cycle. This point of view present complex wave development in the last stage of triangle wave B.
– SCENARIO 2 – ALTERNATE COUNT – This labeling offers rather shallower retracement in corrective cycle wave C of wave B and then a possible impulsive wave progression to the upside.
On Daily chart there is a count with great details plus one more alternate count. The difference is on the DEGREE OD THE CYCLE LABELING only and some more target levels for a different degree. Moreover, the reason for so many counts is the uncertaintity of the shape of the present wave: XX or wave C.