Here is an excerpt from an actual email my forex broker sent me this week:
"Due to the extreme volatility some market analysts foresee could result in the coming days, [we] will not accept any trading activity from 6:00 AM EST until approximately 3:00 PM EST, on Sunday, June 17, 2012. [We believe] the convergence of a major market event during off-market hours represents a potential trading risk..."
My first question was -- was the end of the world announced for this weekend, and I missed it? Then it hit me: Greece is holding another election! Some are calling the Sunday Greek elections "a referendum on the euro." And the fears are that Greece's vote may send shock waves throughout the eurozone and the financial world.
You may be surprised, but in highly emotional moments like these, Elliott wave pattern in market price charts get particularly clear. Wave patterns reflect the market player's collective psychology, and the more tense the market mood gets, the bigger the signal it sends. (Remember the "flash crash"? Textbook internal Elliott wave pattern.)
As you can see, over the past couple of days EUR/USD has built a pretty clear 5-wave rally pattern. And if you know even the basics of Elliott, you know that after every 5-wave move comes a correction. How deep, how fast?
Get the complete analysis -- along with the euro's BIG picture in the just-posted 7-minute video overview -- inside our Currency Specialty Service, edited by the 25-year market veteran Jim Martens.
Euro, U.S. Dollar, Cable, Yen -- What Will Next Week Bring?
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A few years ago, we unpackaged it and made it affordable for individual forex traders while preserving its professional qualities.
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You get intraday and daily updates on these 12 most-traded forex pairs:
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Dollar Rates
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- EURUSD
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