8 Mar 2021 ● 12:36 PM
I am slowly being forced into thinking what I have been fighting, that the Euro completed a 5 wave advance and the Dollar index completed a 5 wave decline. I should keep this option open as we are heading for the quarterly closing for markets and this might be the first quarter in a year that the Euro will be negative. So if we are going a deeper cut in the Euro breaking 61.8% retracement of the last leg marked as wave 5 below then wave 1 circle is complete and a 38.2% retracement can set us back to 1.17 near the wave 4 low of 1.163. However, C=A is at 1.183 and that can limit the decline to the 40-week average as well. C=A is the minimum requirement for what looks like a 3-3-5 structure. I doubt it should extend because it is not a zigzag. In that case, 1.183 could be it. But wave C has to be 5 waves and till 5 waves are complete the trend for the Euro is down. We are in wave iii of C as of now.