EUR/USD Short Trade (update)

Update of short trade from 3/4/08, @ 7:03pm CST: I was stopped out of my short trade this morning for -39 pips (I was not awake to move my stop when 1.5155 was broken). With today's price action, I am going to use my alternate wave count.

I am using this count because the decline from 1.5275 to 1.5144 was in three waves, indicative of a corrective move. This count makes more sense because a 5th wave rally would create very clear MACD-divergence. I think the EUR/USD could hit 1.5450-1.5500, which is where some pivot points reside, and where Wave5 would equal Wave1. I will look to go short on a completion of this 5-wave bullish cycle, targeting 1.50 and below.

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