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Wednesday, February 29, 2012

AUDUSD UPDATE

Ok so we did get wave 3 terminate at 1.0850 area today:) Now we are half way through wave 4. By definition, wave 4 should be 1.618 times wave 2, which lead us to 1.0690 area as a possible termination for wave 4. Then we will have wave 5 which by definition should be 1.618 times wave 3. which is 1.1020 area if wave 4 terminates at 1.0690. Keep in mind that wave 5 tends to undershoot or overshoot the triangle barrier, but it must exceed wave 3 if this formation is indeed an expanded diagonal triangle, so in any case the minimum  target for wave 5 is  1.0900.and maximum around 1.1070. 

Good Luck:)

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