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Friday, February 17, 2012

There is an irregular forming on the NZDUSD's weekly chart. Ideally wave B will terminate between 0.86 and 0.87, but we might reverse a little bit before that. Anyway, the idea is not to chase the top, but catch at least 2/3rds of wave C. Wave C will go minimum to 0.72, so if we wait for confirmation of reversal  which currently comes at around 0.81, we will still be able to make a very good profit. We might have and extended wave C, which would lead us all the way to at least .69.  I will revisit this chart as soon as I have a confirmation for reversal, to discuss wave C in more details.

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