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16 July 2014

Last 101.66:

Looking for a final wave down; I am viewing the rally to 101.79, labeled wave (b) as corrective in the larger C down. We had a nice 61.8% retracement of wave (a) that completed at 101.79 as said. But, given the correlation between USD/JPY and Nikkei as discussed, we likely need a bit of help from stocks. But risk/reward seems good…101.61 is the hourly swing low; next support at 101.42.