Forex Daily Podcast - Wednesday, March 1, 2006

Yesterday provided the reversal we were looking for. We waited until the 4th wave encroached upon the 2nd wave indicating that the down move was complete and jumped in for some handsome profits. Once this current move is complete we should get another reversal providing an impulsive move in the opposite direction. The currencies have already cleared our initial targets. But with the hourlies overbought on the EUR and the GBP we would like to see a bit of a correction here. The question again becomes does this finish our correction or do we have one more move up. I think we'll be patient for a final move up. However, we will jump in if it becomes obvious the move is finished. Our ideal target for the EUR is 1.2000. The EUR trades at 1.1940 Our ideal target for the GBP is 1.7600. The GBP trades at 1.7566 Our ideal target for the CHF is 1.3020. The CHF trades at 1.3075 The JPY either completed it's move down or also has one final push and trades at 116.10 The CAD trades at 1.1386 and looks to be correcting here, probably to about 1.1425. 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