I am “exploring” new ideas with the purpose of discovering a coherent EWP, which would suit with the complex corrective internal structure of the so far 7-wave up leg off the May 2011 lows.
What is obvious is that there is no way that we can count the price structure as impulsive. Therefore price is involved in some kind of countertrend move.
Basically a countertrend EWP includes: Zig Zag, Double Zig Zag or a Triple Zig Zag.
All the corrective patterns have to unfold a final impulsive or ending diagonal wave (C).
As I mentioned in my last follow up of the EUR last Monday: “The key issue remains to get the right count of the complex corrective down leg off the May 4 top. The main problem is that the internal structure of this large down leg, even if it is corrective at some point should unfold an impulsive wave (C), but so far in my opinion everything remains corrective. This problem could be solved if price instead of unfolding an impulsive wave (C) it traces an Ending Diagonal”.
