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Introduction
Price movement, supposed in Monthly-0907 developed exactly within the forecast. The result you may see in the picture Y1.
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Figure Y1. Final daily chart of September forecast, 2007.
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For illustrative purposes schematic forecast of the JPY movement a month ago is given in the chart.
The current variant of wave counting
For the survey wave counting of JPY refer to Annual-07(2) and in the article Let's Analyse Zigzag Wave Construction .
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Figure Y2. Wave counting on the daily chart. Variant 2.
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Practically horizontal correction that has been forming since the middle of August, insistently supposes furher decline of the price after its completion. The correction itself may be the fourth wave of an impulse or a wave link of a big downward zigzag.
However if the yen as the dollar pair continues to move synchronously with the European currencies under consideration, then an upward double or triple zigzag (w)-(x)-(y)-(xx)-(z) may form.
For more detailed wave counting on smaller time-frames and parameters of possible trading plans refer to daily reports.
Reference
Dmitry Voznuy
forDmitry@yahoo.com
September 30, 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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