Wave analysis of EUR/USD for August 4, 2010

Yesterday, EUR/USD ceased the movement only a few points away from 76.4% correctional level. Such situation one more time makes us be careful with keeping long positions. It was caused by that other estimated targets are placed around this level, for instance, the ratio between waves 1 (or A) and 3 (or C) equaled to 2 and estimated from the dimension of the 1st wave (or A). However, on the other hand, the lengthening in 3 (or C) rather requires a clearer picture of the completion. For now, it can be allowed that the 5th wave in 5 can finish slightly above the correctional level of 76.4%, perhaps closer to the mark of the 33rd figure.