ANALYSIS

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WAVE ANALYSIS

MN1

       Daily chart of the pair provides a version of marking of wave {d} of NEoWave Triangle with basic cycle of market data optimization in one month.

       Last problems with marking on weekly and daily charts were a good reason to review the charts with bigger time frame – namely monthly chart. Comparing with our last review of monthly chart on 09.05.2010 there are no principal changes in the picture. However, we should add the following positions:
- Point of wave-[C] end;
- Estimated structure of wave-[D].
       According to this marking, we will revise the marking of charts with weekly and daily period of market data optimization in the nearest future.
       Presently, the structure of wave-[D] has all signs of Extending Triangle. We can also say that wave-[e] will likely not exceed 161.8% amplitude in relation to wave-[d]. In this case the limit for [e] is not above 1.5150. In case of break of this level, a revision of wave-[D] structure may be applied, where polywaves [a]-[b]-[c] may be joined into wave-[a] of higher degree and the structure of [D] will be defined by NEoWave figures rules.
       To sum up the above observations above observations, it is logical to preserve long-term buys with control of charts structure on weekly and daily timeframes in relation to completeness of wave-[D].

EUR/USD-MN1:

Work chart:


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