(Click on the picture to enlarge)On August the 9'th I stated that all odds favored that a top was in place. This is still very much the case, minor wave (i) ended at 81.53 on August the 17'th (3 days from the top - 3 is a Fibonacci number. If wave i and wave ii is going to equal in time, we should find the top for wave ii today). Minor wave (ii) is now in its final stages having hit the bottom of its target area, which is streching from 83.28 (top of wave 4 of a lessor degree) to 83.54 (the 61.8% retracement of the fall from 84.77 to 81.53).
When wave (ii) is done shortly, we should see a powerfull downmove as wave iii comes into motion. A possible target area for wave iii could be near the 77.22 to 77.42 area.
I would like to add, that NZD/USD is in an similar position. wave ii is just about to end and the powerfull wave iii down about to begin.
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