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Monday, November 22, 2010

EUR/USD - Wave C of the Expanding flat is progressing nicely

I still favor the Expanding flat scenario. Wave A went from 135.72 to 137.77 and wave B declined from 137.77 to 134.58 ( i think that we saw a minor fifth wave failure at the bottom of wave B) and we are now in wave C up from 134.58 to ideally the 138.20-138.45 area, but could easily extend to the 139.00 area.

The micro wave count of wave C shows that wave v of C will extend and looking at the chart above we should be close in end wave (5) of (iii) of v calling for wave (iv) down to 137.40 or slightly below, before wave (v) sets in.

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