Update for: 2011-11-28 - 2011-12-04
Posted on: Sunday, 27 November 2011 15:42
Short-Term Trend: downtrend
Theoretically the count presented a week ago is still valid as the prices have not moved below the 1.3196 level. So, please, take a view at the last week's analysis. However, the fact that the prices declined so much last week is a sign of weakness and it looks more likely now that the market is actually following the count presented on the chart above. If that's the case, further weakness lies ahead, most likely twd 1.2670 level. Only a move abv 1.3610/20 will be a strong evidence that the last week's wave count is unfolding and in this case, the Short-Term picture will become quite bullish.
Strategy: Shorts favorable on a modest recovery against 1.3620. Target=1.2700.
Next Update: Sun, 12/04/2011.
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