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Thursday, April 30, 2009

Could this be the end of A?

Ichimoku indicates resistance at 850.
I see this as the final 5 count of wave A.

Key to finding follow through to the downside will be breaking the bottom of the channel at 864 and second getting past 842. The first wave of B will probably end at 842. This entire correction will be a 5-3-5 Zig Zag so look for 3 waves down and then 5 waves up to 1015.

This is a view of the entire Wave A.

Please forgive all those extra lines but they mean something to me and I did not want to erase them.

A 38% retrace will end at 807.28. We may even retrace as much as 50% or even a 68%. I think the bulls will get scared, and those long positions will fall like a house of cards.

We will have to see what the Elliott Wave and the Ichimoku tell us to determine the bottom.

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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