[B]Bias: [/B] I look for gains today - to 0.8669-73 at least and a mild risk of 0.8725-50
My stubbornness calling for 0.8552-78 was (thankfully) correct but given this target was indicated by two areas of the larger wave structure it does open some ambiguity. Never-the-less, both scenarios call for gains to extend to 0.8635-43 initially, then a pullback that should remain above 0.8605-15 and a second push to around 0.8635-43 and this time a smaller correction before extending to the 0.8669-73 resistance. Here I will expect a correction lower. Only direct breach of 0.8680 would imply a more choppy but sustained recovery through to 0.8725-50.
Assuming I'm correct in looking for a top around 0.8669-73 we should see losses back to around 0.8605-15 (approx) again and I can't rule out a little lower. However, I do not expect a break of 0.8551 at this point as another push higher is expected at some point.
Please view the complete analysis in the attached PDF file. For a full description of how to use the analysis please see the Analysis page of my website.
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