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Figure E1. Wave counting on 480 min chart. Variant 3.
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In order scenario v.3, considered in the article The Review of the Bigger Time-Frames (Annual Wave Analysis, 2008) and Monthly-0508, confirm its right to exist the price has to complete the upward wave (v) of [v] in the form of an impulse or a diagonal triangle.
Taking into consideration the depth of correction ii of (v) of [v], proximity of the critical level and downward impulsive direction of the price at the present the alternate scenario also considered in the article The review of the bigger Time-Frames (II quarter of 2008) seems to be the most probable..
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Figure E2. Wave counting on 480 min chart. Variant 3-a.
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In the framework of scenario 3-a the downward correction may develop to the 1.50 mark in the form of a single zigzag.
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Figure E3. Wave counting on the daily chart. Variant 3-a.
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Figure E4. Wave counting on the weekly chart. Variant 3-a.
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Taking into consideration its sizes relative to the adjacent waves of the upward impulse we may suppose that corrective wave 4 of (3) of [C] is forming. This wave four may reach 38% depth without breaking the critical level (the terminus of wave 1 of (3) of [C]) and guideline of alternation.
Projected values for the terminus of wave (3) of [C] should be specified only after wave 4 of (3) of [C] completes.
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
May 31, 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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