As the picture states above, weave a cluster of Fibonacci time projections off of significant highs at 2012, which indicates that an important top of some nature will most likely occur this year. Don't get caught up in any longs because it seems like the top is approaching. I have two counts on this pair in respect of the wave (4)/B triangle, one suggests that the triangle is complete and the other suggests that we are currently in wave E of the triangle, in either case the May 2011 high shall not be exceeded. targets for the down move are bellow the 1.35 handle.
Bear in mind that the W-X count of cycle degree visible on this chart need not be the appropriate count due to the USDX long term count it could be a I/A followed by a 2/B/A(circle)
This pattern looks like a complete A-B-C rally, the alternate count suggests that the advance from the wave b low in this chart is wave 1 of C rather than the whole C wave, however we rallied into the 0.618x wave a target which seems enough to call the end of the A-B-C rally, confirmation would be a break of the wave B low.
Regards,
Ahmed Farghaly
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