January 4, 2010

EURO (EURUSD)

The downtrend is probably over. The variant called "reversive alternative" in the daily wave analysis issue of December 31, 2009 is realized. Wave W-X-Y of (A) of the senior degree is probably completed. Of course, we cannot exclude the farewell visit to the level of the top of this wave in the nearest future. Meanwhile, the forthcoming rise up to the level of the top of wave W of (A) (to about 1.4600-1.4650) seems fairly probable. The style of waves formed after the top of wave (A) implies that the starting uptrend will most probably be developed in the corrective style.

Current wave count in the daily frame

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Current wave count in the 4-hour frame

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Current wave count in the hourly frame

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POUND (GBPUSD)

The accepted wave count implying the formation of bullish impulse 1-2-3-4-5 of (5) of the senior degree holds true yet. The second wave of this impulse is completed and the third one is forming. Bullish impulse [1]-[2]-[3]-[4]-[5] of i of (i) of [i] of 3 of (5) and the corrective wave ii of (i) are probably completed. This wave count will be confirmed by the ongoing rise with the formation of the next wave of the same level, impulse iii of (i).

Current wave count in the hourly frame

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Current wave count in the 15-minute frame

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