Additional Chart of EURUSD
12 September 2011
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NOw that we have actually reached 1.3670, you need to know when it is confirmed that the move is over. We don’t want a scenario where because of the extended 5th wave seen in the last chart that we get a quick rally back to 1.3840, do we? Alternately, there is the tendency of corrections to go back to prior fourth wave level, which lies at 1.3725. So when exactly should we become bearish again?See the chart. | |
If you'd like to see how I work through EUR/USD in real depth, I cover this in Module 14 (EURUSD).