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Tuesday, October 5, 2010

EUR/USD - Still headed for the 139-140 area

My preferred count is shown in the daily chart above. I still see the rise from 118.75 as an A-B-C correction, which should ideally see a top in the 139-140 area. Wave C could see a top near the top of wave 4 of one lessor degree, but it's more likely that a top will be found in the 139 - 140 area.
The 61.8% retracement of the decline from 151.41 down to 118.75 come in at 138.95 while wave C will be wqual to wave A at 140.46.

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