Monthly wave analysis for EURUSD (May 2007)

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Previous month’s wave counting forecast was pretty accurate. Final chart can be seen in the picture below. For more comparison it also shows previous month’s wave counting.



Current wave counting:

EURUSD wave counting for 2007

1 wave counting scenario:



Wave (B)? is close to its final point. Confirmation level should be at the end of wave (b) of [y] of Y. Critical level should be at the end of wave (B)? once its end has been confirmed.

2 wave counting scenario:



Wave(c) of [y] should end above the historical maximum where there is no resistance and support levels yet. If it is compared to CHF then it could be expected that USD weakens for 3-5 figures. Critical level is at the end of wave vi of (c).