We saw a minor throw-over ending the Ending Diagonal yesterday, but failure to break clearly below 104.18 and the following new top, changes the micro count. The minor Ending Diagonal was "just" the end of red wave iii and we are now in red wave v. The double divergence at the MACD indicator has now evolved into a possible triple divergence. The possible target for the last rally is at 105.68. There is a possibility for a moonshot towards the 106.47 target, but I will not set my expectations to high for that target to be reached. I will use that as guide to where my stop-loss on shorts should be placed. Friday, April 8, 2011
AUD/USD - Closeing in on the top...
We saw a minor throw-over ending the Ending Diagonal yesterday, but failure to break clearly below 104.18 and the following new top, changes the micro count. The minor Ending Diagonal was "just" the end of red wave iii and we are now in red wave v. The double divergence at the MACD indicator has now evolved into a possible triple divergence. The possible target for the last rally is at 105.68. There is a possibility for a moonshot towards the 106.47 target, but I will not set my expectations to high for that target to be reached. I will use that as guide to where my stop-loss on shorts should be placed. 
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