Thursday, November 25, 2010

Euro Update

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Pretty easy to see the 5 wave count down off the 137 high. So far the action off the lows is looking like an abc correction with c=.78 of a. With a better than average likelyhood of new lows , we will call the move down 1 of greater degree and the correction 2. So a 3 coming up.
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So if we can expect another move lower, it will easily take out the .618 retrace of the last leg up as well as the .76 and .78 (would be 1.2952). Even equal legs down targets 1.289 from here. So likely will confirm the above structure UP as an -A-, -B-, -C-.

What does that mean? Well if it's a corrective ABC  up, that is complete then new lows under 1.1880 could be expected.

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