one of my mentors, Mike Jenkins, taught me to look for “turns” or “patterns” every 656/710 hours. against the backdrop of the fixed stars that is the time, in hours, that it takes for the moon to make a full revolution. the 710 hours is elongated because the earth is also moving … I’m not asking for anyone to go hog wild and crazy but if the tides, menstrual cycles, animal cycles and a host of “other” things are governed by this object in the sky why not the market? just simply looking for an edge people …
so, if we take NOW and go back 656/710 hours we get: 11/6/2013 11:31:20 PM (710) and 11/9/2013 :31:20 AM (656) those areas are marked w/ orange vertical lines on the chart below. now, I like that, basically, this counter trend move (or so I THINK) has, essentially completed a cycle. and, I also like that the blue arrow is a measured move extreme that basically appeared right at the beginning of the bounce from 1.3294. also, you’ll see labeled a rare yet plausible “triple 3” correction – WXYXZ corrective move. now, for the most part, a combination is “usually” HORIZONTAL in nature however when we have a zig-zag (as we do in the first corrective move (labeled W) then it can continue to go at a steeper angle … either way, I see this move/advance as corrective.
the other to note is the daily high today is 1.05946*W projected from X. 1.05946 is the ratio used for tuning in the equal octave scale of music …I would like to see a close below 1.36827 on Sunday night/else 1.3717 could be attacked.
is this overall DOLLAR weakness (well kind of) or is the EURO ready to turn against a bunch of pairs? let’s check …
so, in summary, I believe a MAJOR turn is at hand for the EURO vs a number of crosses and the timing “appears” right for a potential turn in favor of the buck come Sunday night. TBD and we’ll see ….
