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Monday, 17 December 2012

EUR/JPY M30, H1 & Daily Update

Right now on M30 and H1 TF there are two counts with equal value - it is all where wave 4 or (4) has bottomed.

In both cases we got Running Flat wave 4 correction, one smaller degree one bigger degree.
Gap has been filled and that was excellent buying opportunity in aticipation of wave 5 to the upside to finish thge cycle.

On M30 chart any price movement belot 61% Fibo Ret  @ 107.94 will invalidate the blue bracket wave count for wave (4) and it will mean that the price had  made intermediate top.

On H1 the wave (4) has been done already and wave 3 is the top so far. The price might try to make one more wave up and that would be wave 5 od wave (5). Any movement below 109.91 will invalidate this count and will mean  that the top for wave (5)  is in place. Please notice that the price still might develop Ending Diagonal wave (5) but anything below 109.50 will make this kind of movement less likely and below 109.02 (low of wave (4)) even less probable.

I still think that higher degree correction is needed, potential target for correction is 108.50 - 108.10.

H4 is another way to count this wave progression, I call it  Ultra Bullish count.

Take care,

PS: More charts on the way.


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