Jamie's Pick: 02/23/12
Weakness last night completes the 4th wave correction. “Recent AUDUSD action probably composes a 4th wave correction within the 5 wave advance from the 12/15/11 low. Bullish objectives are the 2011 high at 11080, and common Fibonacci relationships. Wave 5 = 1 at 11153 and wave 5 = 61.8% of waves 1-3 at 11236. These levels intersect the channel on March 5th and March 9th.” A drop under 10565 would shift focus to 10520 and 10450.
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