Thanks for bringing this point up, FXAsia. I agree that todays low of 1.2665 on EUR/USD is the end of wave B of wave 4 and it is now on the way to wave C to complete Wave 4.
Whether this is correct or not, this is also the most conservative assumption, as it prevents one from shorting the pair until it ascends to near the top of Wave A or higher.
This I don't fully understand: "Others have todays low as subwave 1 of an already formed wave"
Do you mean they think Wave 4 is complete, and the new Wave 1 downwards has already begun?
Whether this is correct or not, this is also the most conservative assumption, as it prevents one from shorting the pair until it ascends to near the top of Wave A or higher.
This I don't fully understand: "Others have todays low as subwave 1 of an already formed wave"
Do you mean they think Wave 4 is complete, and the new Wave 1 downwards has already begun?