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Thursday, May 21, 2009

Midday Thursday

Looks like we are right on track with wave C. The Elliott Wave is forming a beautiful wave and the Ichimoku is bearish with good cloud cover.

The EUR/USD is digesting is run and moving sideways. There appears to be a possible rally brewing off on the horizon, and I'm guessing that will coordinate with our last run up to 1015. My stop is at the bottom of 1 but I don't believe it will be hit.

A 38.2% retrace falls close to support, so hopefully Wave 4 will turn there.

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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