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Breakout Direction To Decide Wave Structure In Forex

Discussion in 'Technical Analysis' started by Kaitlin, Aug 12, 2016.

  1. Kaitlin

    Kaitlin Forum Member

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    The EUR/USD bounced at the deep Fibonacci retracement level of 78.6% within a wave 2 (purple). A break above the 100% level invalidates wave 2 (purple) and indicates a large and complex correction. In that case the wave count will be changed to reflect the corrective zone. A break below[​IMG]

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