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Hello everyone.
I hope you survived the new year celebrations in one piece.
January has arrived, and the world is back to business.
So get to it Enda!
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EURUSD
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EURUSD took a beating today and sold off very sharply,
after a very slight break of previous resistance at 1.1486.
It is very likely now that wave [ii] of '3' is complete at todays high of 1.1497.
Wave [ii] is labelled as a double combination wave.
And the sharp move lower today is labelled as wave 'iii' of (i) of [iii].
The initial target for wave [iii] lies at 1.0840 where wave [iii] reaches 162% of wave [i].
Tomorrow;
watch for wave (i) to continue lower in five waves
and a break of support to confirm wave [iii] has begun.
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GBPUSD
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Todays action has ruled out the idea of a larger retracement in wave [ii] green.
Cable has traced out a very impulsive looking decline off the recent high.
This is now viewed as wave (i) down to begin the next leg down in wave [iii] of '5'.
A break of 1.2475 will confirm this new count.
The correction in wave [ii] ended at 1.2815,
just below the 50% retracement level of the previous wave [i].
This serves as another hint that the correction is now over.
Tomorrow;
Watch for wave (i) down to continue and break support to confirm wave [iii] down.
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USDJPY
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USDJPY has reached into the target area of 108.00 today.
This area is just about right for wave (E) of the triangle wave [B] to complete.
So from this point on,
I will be looking for the initial a signal that a large degree wave [C] rally
is about to begin.
This will come in the form of a five wave rally back towards resistance again at 112.00.
The larger wave count shown on the daily chart calls for wave [C] to break above 125.90 at a minimum.
And this rally should take up most of the coming year.
So I think it will be worth the wait when it does happen.
Tomorrow;
This decline in wave 'C' could stretch into the 107.00 handle
so I will be waiting patiently for the next week or so for the next leg up to arrive.
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