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Thursday, August 20, 2009

EUR/USD in the final stages of minor subwave ii

(Click on the picture to enlarge)

We need one more high to finish minor subwave (ii) of wave iii, which idealy will end just above 142.67 closer to 142.84 before turning down in wave iii. Wave iii should be fast and idealy end close to the 138.20 area.

Only a break above 143.27 will force me to alter my count slightly. A break above 143.27 would mean that wave ii wasn't a simple Zig-Zag, but instead an irregular flat, which would call for a move to 143,64 to end subwave a of ii, before turning down in wave iii.

Only form and time will tell us which is right.

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