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Sunday, December 8, 2013

Elliott wave analysis of EUR/USD - Is wave 2 close to a top?

EUR/USD

If the above count is correct, then wave 2 should end soon. Ideally resistance at 1.3717 will protect the upside, but we have to remember, that second waves are allowed to correct 100% of the first wave, which in this case Means a rally to 1.3832, but we can't move one pip above 1.3832, if resistance at 1.3832 is broken, the above Count is invalidated and wave E can't be over yet.

To confirm, that wave 2 is over we need a break below 1.3619 and more importantly a break below 1.3524.

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