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Thursday, October 25, 2012

Elliott wave analysis of EUR/USD; EUR/JPY; EUR/NZD and Crude Oil

 EUR/USD - Big flat correction developing. We are currently in the c-leg, which should decline to 1.2740.
 EUR/JPY - We have just seen the top of wave 1 from 94.10 to 104.59. We should now be looking for wave 2, which is expected to unfold over the next month and cause a correction of at least 422 pips.
 EUR/NZD - The break below 1.5904 and more importantly 1.5788 has told us that wave ii is still unfolding. Wave ii is an expanded flat correction and should ideally reach 1.5635 before we can expect wave iii higher to begin.
Crude Oil - Is headed for a test of the support-line at 82.88 and a break below here confirm a continuation down to at least 78.62 and likely even lower.

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