The bottom of wave 1 of 5 took a little longer than ecpected, but it's clearly in place now, and wave 2 of 5 ongoing. I'm looking for resistance in the 130.80 - 131.00 area, for the next leg lower. We saw no extension in wave 1 or 3, why I expect wave 5 to extent. Next downside target 121.20?Wednesday, January 12, 2011
EUR/USD Clearly in wave 2 of 5
The bottom of wave 1 of 5 took a little longer than ecpected, but it's clearly in place now, and wave 2 of 5 ongoing. I'm looking for resistance in the 130.80 - 131.00 area, for the next leg lower. We saw no extension in wave 1 or 3, why I expect wave 5 to extent. Next downside target 121.20?
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so far it seems to be stalling to 50% retracement... counting subwaves makes me assume that we are entering a topping process... please check my blog... http://elliottwaveforex.blogspot.com/
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