Forex Daily Podcast, Thursday December 15, 2005

The EUR got back to 1.1977 as we thought yesterday, but hasn't done much since. We expect it to rise at least a bit more here, hopefully the patterns will become clearer in the next few days. We are on the sidelines for now. The EUR trades at 1.2013. The GBP has been running sideways for the past day and is currently at 1.7730. The CHF has also been moving sideways, so much so that when I saw the chart this morning I thought one of my kids was scribbling on it. We still expect it to run lower. It trades at 1.2831. The JPY rose right to our minimum level for a retracement yesterday before running down. It rose just above the 236 FIB line before continuing to run down. We hope some of you got into a trade at these levels. We've posted an alternative count on the web site today. We think that we've seen a complete wave 3 and we have one more correction before the final fall. We are likely in a small flat or extended flat here meaning the JPY should fall to the 1.1583 low or slightly lower before moving up to the 116.30 - 117.00 level. Then it should maike it's final fall for wave 5. Caution is in order on this trade. We don't have a good backstop according to Elliott Principles so the risk/reward may not be as attractive given the huge move this week on the JPY. The JPY current trades at 116.08 The CAD rose a bit more than we though yesterday so we are waiting for more time to be able to determine the current pattern. The CAD currently trades at 1.1568. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading