Euro/$

The above monthly chart shows my attempt to use the Elliott wave to determine the technical position of the Euro$ forex pair. It is my view that the euro$ has begun a corrective wave(labelled c) which should result in major dollar strength over the coming months. Those of you who attend my monthly meetings held all over South Africa will know i have been calling this for a few months now.
The wave C which has started , can according to Elliott have either 3 or 5 waves within it. The strengthening of the dollar wont happen in a straight line but I am confident that we will see a stronger dollar over the next six months to a year.
In the next post i will examine the internal structure of the C wave. The objective being to forecast what is going to happen this afternoon after the payroll report is released.

N.B. I am still holding the $ Cad. The stop is unchanged.