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Friday, October 29, 2010

EUR/USD - The C-wave decline is still on track

The impulsiv count still lookes good, but under no circumstances can a break above the bottom of wave 1 at 138.90 be allowed before we have seen one more decline below 138.03. If resistance at 138,90 is broken then the triangle concept becomes the favorit scenarium.

Looking at the internals, we can see that wave 3 became exactly 1.618 times longer than wave 1, which is pretty common in a impulsive structur.

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