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Thursday, 15 November 2012

AUD/USD H4 & Daily Update

As You can see I have been looking for a little longer wave (d), the one to hit  1.0600 level (upper red line). But since 61% level was hit three times and rejected ( judging by candlestick formation), I've changed the count using Pretchers rule of  61% Ret. Of Alternate Trangle Waves. So far it looks all right and now I'm waiting for more weakness in  wave E to develop in five waves.

From technical point of view this pattern looks like the Bullish Penant.



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