Mika's Commentaries
Aug
17
2010
Eurodollar,
by Mika
Overall Rating:
A few days off since it started to look a bit consolidation movement on last thursday and it certainly did, speaking of SPX of cource. Not much has happened on there.
I did some manual calculation with pen and paper and ended with eurodollar hourly chart for some nice EW relations and sizes of impulse wave.
With larger degree which is not marked in the chart it is possible that next higher W3 ended actually only with that blue box meaning with 3.142 size, suggesting we zigzag W4 in here and there should be fifth coming with minium but what is more interesting is that this is impulsive behaviour. Top was 3.618 size with 4H chart while 1H in it was 3.142.
If it ended full ABC correction from 1.1900 bottom, which size was around 1300 pips, this is now only very first part of W1 of fifth and even that is not finished yet but it is close.
Not a prognose I am flaggin, but "forking" a bit what is possible in here by theory point of view because it can open road in fact to the 1.1500 level.
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