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Tuesday, December 21, 2010

EUR/USD - Correction since 129.64 ongoing

Not much has happened in this pair the last couple of days. The best count I think is, that the correction since 129.64 is ongoing. The "X" wave from 134.36 was a expanded flat and we should see a rally higher towards 135.65 going into the end of the year.

I'm still very undecided about the main count down from 142.81. It could be an A-B-C correction or it could be wave 1-2-3 and wave 4 is ongoing. If it's a wave 4 the 135.72 can't be broken to the upside, as the would leave us with a overlap between wave 1 and 4, which is not allowed.

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