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03.12.2014 09:35 PM
Elliott wave analysis of EUR/JPY for December 3 - 2014

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Technical summary:

The correction in wave b needed a final rally closer to the ideal target at 148.25 (the high came in at 148.19). We will now be looking for a break below minor support at 146.25 as indication, that wave c lower to at least 144.77 is developing. We do believe that wave c will move lower than that, but 144.77 should be the minimum target. Short term, only an unexpected break above resistance at 149.13 will invalidate the bearish count.

Trading recommendation:

We are short in EUR from 148.10 and will keep our stop at 148.30. If you are not short in EUR yet, then sell near 148.25 or upon a break below 146.25 with the same stop.

Summary
Urgency
Analytic
Torben Melsted
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