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Sunday, April 17, 2011

EUR/USD - Fifth failure or a triangle building


On Thursday a had a post regarding a possible fifth-failure, but the price-actions since then doesn't support the fifth-wave failure. The price-action is clearly more corrective, which supports a possible triangle building as red wave iv. If this is the case we should still one more thrust higher towards the 145.55-145.70 before topping out finally. Only a break below 142.68 will indicate that a top is already in place, as that would leave us with an overlap between red wave i and red wave iv, which is not allowed.

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