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Figure Y1. Wave counting on the daily chart. Variant 1.
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Upward wave (C) may have started to form. But so far there is no confirmation of the completion of diagonal triangle C of (B). The critical level for it is the 103.91 mark (refer to the article Possible Trade with an Excellent Profit-Risk Correlation ).
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Figure Y2. Wave counting on the daily chart. Alternative variant .
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As an alternative within the limits of scenario v.1 the descending diagonal triangle may continue forming. In this case the ending of wave [iv] may form in the area of the first target 113 (refer to the article Possible Trade with an Excellent Profit-Risk Correlation ).
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
February 2, 2008
When using any part of the article for publication or analytical materials reference to the author and Alpari is obligatory.
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