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Introduction
The downward turn of the local trend supposed in Monthly-1007 took place exactly at the specified point. The result is given in Figure E1.
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Figure E1. Final 120 min chart of October forecast, 2007.
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However the downward movement wasn’t fully straight-line and the expected wave pattern failed to complete fully during October. The result is given in Figure E2.
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Figure E2. Final daily chart of October forecast, 2007.
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For illustrative purposes schematic forecast of EUR movement a month ago is given in the chart.
The current variant of wave counting
For the survey wave counting of EUR refer to Annual-07(2) and in the article Let's Analyse Zigzag Wave Construction .
At the present there is a pair of almost equally probable scenarios. Perhaps the depth of the expected correction will help to choose one of them.
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Figure E3. Wave counting on the weekly chart. Variant 3-1.
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The first variant within the scenario v.3 supposes that the correction XX in the shape of a skewed triangle (or triple three), after which the ending upward double zigzag Z of (B) is expected.
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Figure E4. Wave counting on the daily chart. Variant 3-1.
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To confirm this variant the price must turn down in the near term and get over the mark 1.3678 in the form of wave [e] of XX.
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Figure E5. Wave counting on the weekly chart. Variant 3-2.
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The second variant, on the contrary, doesn’t exclude that the correction XX appeared to be not so continuous, as it had been expected before, and is completed in the shape of a double three. In this case the first zigzag [w] of Z of the ending double zigzag Z of (B) may be also completed.
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Figure E6. Wave counting on the daily chart. Variant 3-2.
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To confirm this variant the price must also turn down in the near-term, but its decent may be not so deep as in the first variant. The area around the mark 1.38 will be optimal for the ending of the wave [x] of Y of (B).
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
October 28, 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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