6.May: Day the forex market exploded
The previous day should have been remembered, as we didn’t see such an agressive decline for a long time.
The moves of prices at different pairs were really huge. EJ made a new low @110 area, EU found its bottom at around 1.25 and GU also broke the latter mid-term minimum level and continues declining.
It’s very hard to define an Elliott scheme while such a volatile move takes place. In common, we’re seeing the beginning of a correction to that exploding decline, more detailed analysis will be posted after the weekend break.
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