On the daily chart of the pair a version of marking of the second and last figure of Double Combination (of December 23, 2007) included into development of «{с} or {iii}» wave with basic cycle of optimization of market data in one week is presented.

The events of previous week have confirmed the completion of (3)-wave with a firm break of trend line drawn through the ends of (ii) and (iv) waves of shorter degree.
As I mentioned in the previous weekly review in (D)-wave development besides Zigzag there is also a version of Elaborate Correction that is still actual and at this moment we do not have features to leave only one variant. Though it is logically to choose Zigzag as the most possible version and the impulsive marking of Zigzag [a]-wave is supported according to Neely’s concepts. Hence we will not consider the variant of Elaborate Correction as the less possible one now.

Further development of corrective (4)-wave cannot be restricted to any version by its structure but it has the certain guiding lines by amplitude and time.
By amplitude (4)-wave should attain the targeted range of (iv)-wave of shorter degree that has been already confirmed by the events of previous week. But possible completion of (4)-wave can be close to completion of (iv)-wave of shorter degree.
By time the duration of four waves of Impulsion with elongated third one always exceeds the duration of fourth wave of the same degree. And taking into account the rule that the line drawn through the ends of the second and fourth waves of Impulsion can not be crossed or attained by the third wave we have a line drawn through the waves of different degrees (2) and (ii) that should be crossed during (4)-wave development while (4)-wave should be completed to the right of this guiding line.

Having resumed the above observations according to Trend Impulsion version of development of Zigzag (A)-wave, we have grounds to presume that the development of wave correction will continue during whole following week. It is also possible that by the time we will have enough information to determine the inside structure of this wave and to calculate short-term sells for (5)-wave. Otherwise short-term buyers’ positions look very risky because of lack of alternative variant of development of Elaborate Correction in (D)-wave of Reverse Alternation Triangle.


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With respect,
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