Introduction
1) Supposedly, the global correction of the European currencies (wave XX or X), described in details in article Let's Analyse Zigzag Wave Construction, decided to form its ending wave in the shape of an extended flat.
2) Those traders who place advanced orders to catch a new trend should remember that such a strategy is very risky. In this case protective stop-orders should be placed behind the wave ending you consider to be a reversal point of the local or global trend (see article How to Apply EWA Forecasts).
1. EUR/USDFor survey wave counting of EUR refer to Annual-07(2) and Monthly-1007. Refer to Figure 1 for the wave counting draft of this currency on 480 min chart.
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Figure 1. Wave counting on 480 min chart. Variant 3-alt.
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Wave [e] of XX, which may be assuming the shape of an extended flat, keeps forming.
If price crosses the crimson line in the chart a full correction XX may form (it was mentioned in Monthly-1007).
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Figure 2. Wave counting on 120 min chart. Variant 3-alt.
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Supposed downward wave (c) of [e] may form in the shape of the impulse or diagonal triangle.
2. GBP/USDFor survey wave counting of GBP refer to Annual-07(2) and Monthly-1007. Refer to Figure 3 for the wave counting draft of this currency on 480 min chart.
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Figure 3. Wave counting on 480 min chart. Variant 3-alt.
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Wave [e] of XX which may be assuming the shape of an extended flat, keeps forming.
If price crosses the crimson line in the chart a full correction XX may form (it was mentioned in Monthly-1007).
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Figure 4. Wave counting on 120 min chart. Variant 3-alt.
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Supposed downward wave (c) of [e] may form in the shape of the impulse or diagonal triangle. The fact that the price is near the critical level worries me.
3. USD/JPYFor survey wave counting of JPY refer to Annual-07(2) and Monthly-1007. Refer to Figure 5 for the wave counting draft of this currency on 480 min chart.
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Figure 5. Wave counting on 480 min chart. Variant 2.
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Supposed wave [ii] may be assuming the shape of a triple zigzag (this scenario was considered in Monthly-1007). The critical level for this variant is given in the chart.
4. USD/CHFFor survey wave counting of CHF refer to Annual-07(2) and Monthly-1007. Refer to Figure 6 for the wave counting draft of this currency on 480 min chart.
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Figure 6. Wave counting on 480 min chart. Local alternate variant of the scenario 3-alt2.
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Wave [e] of X, which may be assuming the shape of an extended flat, keeps forming.
If price crosses the crimson line in the chart a full correction X may form (it was mentioned in Monthly -1007).
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Figure 7. Wave counting on 120 min chart. Local alternate variant of the scenario 3-alt2.
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Supposed upward wave (c) of [e] may form in the shape of the impulse or diagonal triangle.
5. USD/CADCAD is moving in accordance with the forecast, published in article CAD Possible Weakening till the Mid of 2009 (USD/CAD).
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Figure 8. Wave counting on 360 min chart.
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In the picture two possible variants of marking of the final wave 5 of (5) are given. Limits for wave (v) of [iii] of 5 lengthening are almost over. If the supposition is correct corrective wave [iv] of 5 may start forming in the nearest future. It will aim at 0.99 level, though it should not overcome 1.02 level.
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Figure 9. Wave counting on the daily chart.
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Possible survey marking of the final wave (5) of [A] of CAD is given in the picture.
Note
Given possible trading plans are pure ly informational purpose only and they should not be considered as trading guides or an invitation to make a transaction.
Reference:
October 24, 2007 When using any part of the article for publication or analytical materials reference to the author and Alpari IDC Corp. is obligatory
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