Forex Daily Podcast - Thursday, January 5, 2006

Even though the EUR ran up near our 2150 level, it still needs more time to correct. The EUR should fall to the 1.2050-1.1900 level targeting 1.1980 before continuing back up to 1.2150-1.2500, Ideally near 1.2350. The GBP should run down to the 1.7480-1.7320 level target is 1.7440. before running up to the 1.7800-1.8450 levels The CHF should correct up to the 1.2850 level or above before moving down to the 1.2750-1.2550 level The JPY has to start breaking below it's recent low of 115.50 to prove that it's starting a large run down. Either the latest corrective move is complete and we are starting the next run down or We are in a larger flat. A large flat means we should have a few more sideways corrections before starting the next run down. Both alternatives are posted on the web site. Also, if this is an impulsive move down, the JPY could run all the way back up to the 118.10 level so set your stops accordingly. The CAD moved down like we thought yesterday. We were hoping that we could count wave 5 finished here, but the weakness in the USD is causing us to think we have some more room to the downside. We are staying away from the CAD for now. 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