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Friday, February 17, 2012

NZDUSD Daily

As I said earlier we are close to finishing wave c(B) so we should be prepared for a sharp reversal. However, I think that we might be in for another leg up next week, before we reverse. For now I still do not see a clear 5th wave of c and although we might have the 5th wave in at 0.8415 I would rather wait to see how will next week develop. As I said in my post of the weekly chart, wave c(B) will ideally terminate around 0.86/0.87, but this is a textbook scenario which might not play out perfectly. For now I will be watching how it reacts to the 1.382 at 0.8475. The greatest possibility for reversal is between 0.8475 and 0.8675. So I suggest that you watch those levels carefully.
The whole movement from August until now is a textbook example of a Zigzag followed by Irregular.

Good luck:)

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