Update for: 2012-10-29 - 2012-11-04
Posted on: Sunday, 28 October 2012 22:21
Short-Term Trend: weak uptrend
The sideways consolidation from the Sept top is still considered to be a bullish development that should lead to another move higher. But now, I have adopted a different wave count that suggests the move up from the July low is corrective. Why? Because the consolidation from the Sept top has taken too much time now compared to the previous moves of the same degree that it is unlikely to be a smaller degree wave four.
For this week, we can expect further choppy trading between 1.2800 and 1.3150.
Strategy: The hypothetical long from 1.2925 was stopped out at 1.2940. Stand aside.
Next Update: Sun, 11/04/2012.
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