EUR/USD - The call for a correction towards 1.2995 was well founded

EUR/USD the call for a correction towards 1.2995 was well founded 

The call yesterday for a correction towards 1.2995, which marks the top of wave iv of one lessor degree was well founded. Not alone do we find the top of wave iv of one lessor degree at 1.2995, but the 38.2% corrective target is found at 1.2958, so we should expect the top of wave 4 to be found within the 1.2958 - 1.2995 area. 

As wave 2 was a flat correction, we should expect wave 4 to be a zig-zag correction. It could also be a triangle, but as the internal waves of a triangle is made up of zig-zag's, we will be correct about the first wave no matter which corrective type will be seen. 

Short term support at 1.2661 should protect the downside for the rally towards the 1.2958 - 1.2995 area. That said, we should look for some kind of resistance at 1.2782, which marks the 23.6% corrective target and finally remember, this is only a correction. 

Jonathan
2017-10-24
Your work is exceptional and glad I found you.
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2014-05-27
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2014-08-11
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