It all seems so simple after the move!
But fortune does favor the brave.
Go back to the last two days’ updates and see how you could use Elliott Wave analysis to trade effectively. Ramki
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GBP/USD short term targets met
Medium Term outlook on EUR/USD
It has been a while since I commented on the Euro. The EUR/USD currency pair has spent over a month in a relatively narrow range, and perhaps now is a good time to plan where the next strategic trade can be put on. Take a look! 
Spend some time reflecting on the internal structure of the larger waves. Finally, revisit the MT update of 31 May 2009, reporduced here for your benefit, but you will do better if you read the comments that appeared on that day. Here is the link for medium term outlook for EUR/USD that was published on 31 May 2009. 
Good luck!
Short term Sterling outlook
As discussed earlier, we will never know in advance when and where an extension will finish. We can only guess! Yesterday we got the first recovery to 1.5015 area without a problem (that was shown as point “A” in the chart of yesterday). However, the picture changed later on, and we have to relabel the counts. I could still be wrong, but this is essentially how one uses Elliott Wave in practice. Take a look at these charts.
I am still counting the 3rd wave as having finished at the original position. This could itself be wrong, and we could have seen an extended third wave instead of an extended 5th. Irrsepective of which is the correct count, one thing is certain. Once a 5 wave movement is completed, we need to see a correction of the whole set of 5 waves, and even a 50% recovery will take us to around 1.5030, not too far off from the 1.5065 level we have been looking for. Enjoy.
Sterling Pound Short Term Outlook: Update
Early this morning I suggested that the 5th wave will extend. Why? 
Typically, at least one impulse wave in a five-wave sequence will experience an extension. As the first and third waves were of normal proportions, we were on the lookout for the 5th wave to extend. However, what we were unsure about was how deep that extension could take us. We were however optimistic about a nice recovery back to 1.5060/70 area once the extension is finished. 
So far the GBP/USD has declined to 1.4935, and everything points towards further losses. Yet, I would like to warn you not to get carried away with an extreme bearish view at this stage of the progression. When a fifth wave extends, we should be ready for a swift recovery back to the 2nd wave of the fifth. That recovery may involve a double retracement, ie we could get an initial rally, then a retest of the low, and then another stronger rally. But be prepared for some interesting moves ahead that is going to crush a lot of traders who are not alert to this phenomenon. We will take a look again tomorrow. Ramki
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