$EURAUD (9.6.2013)

Pair is in large degree  FLAT correction. Wave (( v )) of C is showing 3 swings lower so expect another swing lower toward 1.4200 area to complete 5 swings down from 1.4470 peak and a sequence from wave B high. Hourly cycles are negative but mid-term cycles are positive so swing traders now should only be looking for buying opportunities. 5 waves up on a smaller time frame would be the confirmation that FLAT correction is over and rally is resuming.

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