Is the Euro run over? Attached below is a weekly chart showing a Gann grid adjusted to squaring a range of time going back to Oct 2002. The closing of this past week put price right on the 360° of time and 495° of price. I would be expecting a pretty significant correction from this point pretty close to the 1.30 area in the short term. I've got 1.8280 marked off as the first target. The cycles of time have been fairly accurate and I've circled in yellow where price turned. At least within a few bars. 6/8 ain't too bad and if price turns within the next few weeks it will be 7/8 correct.The red moving average looking thing is a price cycle forecast showing this past week as a major turning point. This price cycle shows one inversion,but the turning points were correct even though direction wasn't. The next turn isn't unitl the end of January. There is a bump around the end of November beginning of December. Again, inversions happen and I'm not sure how forecast them, but the primary key is the forecast change of direction and not necessarilly literal direction.
Below is the continuation of the last Gann Grid. Price peaked again at 56 bars and might prove to be the top for a while.
3 comments:
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Dear Chad,
I have been following your posts here and on Forex Factory in the Planetary Cycle thread.
I really admire your posts and I am definetly gaining great insights through them.
I do have one question tough, and it has been bothering for a long time, and it's this very post of yours.
Would you, please, care to elaborate on this price cycle forecast that you're drawing? It breaks my head on how this is achieved.
Hi Johannes. The price cycle forecast is pretty simple. I find a symmetrical pattern and then project a forecast from the "fold back" or mirror point. I'll make a blog post about this in the next few days.
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