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We are providing technical analyzes for the financial markets and how they behave based on the Elliott Wave Principle. The Elliott Wave Principle gives you a method for identifying at what points a market is most likely to turn. And that, in turn, gives you guidance as to where you might enter... More
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  • AUDUSD: Correction Within Downtrend 0 comments
    May 27, 2013 2:49 AM

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    May 27 2013

    On AUDUSD we see evidences of a temporary low in place after five waves down in black wave 3. We know that after every five waves correction follow, so we think that current sideways price action represents wave 4 pull-back that should be sub-divided by three legs. As such, we think that corrective, temporary rally is incomplete and that pair may test 0.9830/0.9890 resistance area in this week before new sell-off occurs.

    Traders, who want to join the larger trend should wait on completed wave four first and then look for short opportunities.

    (click to enlarge)

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