Wednesday, December 23, 2009

Wave {iii} of 5 over?

It looks like it is at the moment. The short missed my target by 23 pips. I attribute that to Christmas week. Right now it looks to be making a messy long correction that will end up being {iv} of  wave 5 when finished. I place the target zone for the end of this wave retracement in the 1.6028 - 1.6100 zone. Once this zone target is achieved, I would expect the short move to resume for {v} of 5. Being that it is 2 days before christmas it might just trend long in a slow sloppy way. Just a guess but we will see. I will post a chart when things start to clear up structurally.

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