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Thursday, 6 December 2012

EUR/USD M30 & H4 Update + TPI

Rationale:


First leg or whole wave 4 is about to finish. Last sub-wave do the downside needed. 
After that it is recommended to closley watch price action in order to spot the impulsive wave development. Right now wave 4 structure is a Zig-Zag but this kind of pattern is very rare in wave 4 - possibly this is only wave (a) of a larger corrective structure so trading wave (b) to the upside will get choppy.

Entry:
Trading according to  Elliott Wave  is most effective in impulsive waves so this kind of wave development on EUR/USD today is in rather non-tradeable enviroment: choppy and full of fakes. 
But if You have to then try to buy the dips from rectangle area.
If rectangle is broken 1.3000 in unavoidable.

Take care,
Seb



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