EURUSD

[Kodiak]

Weekly line chart

 

When trying to find out where DAX is going i know the EURO is a big piece in the puzzle, if euro going up dax going down and so on

 

In the big picture EURUSD is in a consolidation and the big question is whether it is a halfway pattern in the downtrend and will break down to resume the downtrend or if it is some kind of bottom formation?

 

In the short term i think its going down to the bottom of the triangle (DAX up) in time may. june?

and then its going up again (DAX down) in time september, october?

 

If it breaks down through the bottom of the triangle and resume the downtrend the DAX will rally

 

and if it is a bottom and breaks up the DAX will continue the bearmarket

 

:smileyhappy:

 

 

[Kodiak]

a textbook triangle should have 5 waves so it could be down to may,june up to september,october and then  the start of the big wave down thru the bottom 

 

http://www.forexhit.com/images/triangle-elliott-wave.gif