EU Elliott Wave Analysis 090311

will EU got the momentum to rally upside? :)

Elliot Wave Analysis by me :)

From the 1hr GU chart, we can see that wave 2 retraced about 50% fib from wave 1, and from my analysis, it's the subwave 5 from wave 3. And from the MACD we can see that it's forming divergence... so get your seatbelt fastened as we can get some pips downside on 4th wave (after the end of the subwave 5).