650 point EURUSD Rally came outta nowhere – I don’t think so!
by Enda | Jun 25, 2020
There are times when the reasons why a certain trend 'should' continue are so strong,
that no-one cares to question the prevailing narrative.
This certainly was the case for EURUSD in early MAY.
The main news outlets could not see a reason why the EURO would stage a rally when the economic outlook was so dire,
and the virus death toll was still raging across the bloc!
But there were signs in the wave structure that a rally was immanent.
In May, I was tracking an expanded flat correction pattern in an unfolding second wave.
Here is the model I was working on from the first of May.
And you can follow the analysis I gave on that weekend video.
The main idea was, wave [c] up should rally up to create a lower high and complete wave '2' blue.
On the 15th of May I presented this chart which called for wave [c] to begin an acceleration higher.
If you follow the market like I do then you know what came next.
Wave [b] completed and wave [c] began a nice five wave rally into the recent highs.
Heres the chart:
The resulting rally in wave [c] staged a 650 point rally just when everyone was looking the other way!
That simple wave count called the rally, and now that very same wave count is calling for something completely different to begin!
If you want to see what the wave counts are calling for next,
in FX markets, the stock market and many more.
