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Tuesday, November 9, 2010

EUR/USD - A micro recount is needed

We almost reached my objective at 138.18. The low has been 138.22 (just 4 small pips away), but a recount is needed. Looking at the internal waves the above count seem much more appropriate. This count have wave 1 ending at 138.22 and we are now in wave 2 up, which most likely will find resistance near 141.06 (61.8% of wave 1), before the next pressure to the downside will commence.

Trying to count waves on a micor basis, does from time to time do require ajustments, but with a flexible mind that shouldn't be a problem.


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