 | |  | | In near term, this pair looks bullish.
Subwave started from 1.6196 could have already completed at 11/13/08 low 1.4556.
In other word, price from last Thursday(11/13/08) low 1.4556 is likely to develop the same degree of correction wave (subwave 4) as 11/4/08 low 1.5597 to 11/5/08 high 1.6196, which could enter the 1.5597 --- 1.6196 territory.
If it is true, price from 10/30/08 high 1.6670 would develop a diagonal triangle moving pattern, most likely an ending diagonal with expanding variety.
reference attached chart
Buy nearby 1.4700 with stop loss below 1.4556, target 1.5597 -- 1.6196 |  |  |  |  |
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