 [Up, nearing top?]
Key Levels: 1.2736 and 1.3139
New highs should still prove limited before a setback toward the 1.2959 area as a first order in wave (iv) and near the previous fourth wave. -- MG
Nov 26 2012 6:23PM ET: The euro thrusted from the triangle only to reverse in a manner that suggests the next higher degree consolidation in wave (iv) is near. The fact that the RSI didn't confirm the new highs also aids this idea. -- Matthew Gress
Nov 26 2012 12:40PM ET: In still working the idea that price rises in five from 1.2952 to above 1.2991, this scenario would now be best served by1.2957 interim support remaining intact. -- al.
Nov 26 2012 11:06AM ET:Still favoring price above 1.2991 from 1.2952, then back down to beneath 1.2952. -- al.
Nov 26 2012 9:04AM ET: Near term at small degree , price is likely to rise in five waves from 1.2952 to above 1.2991. Afterwards, weakness to beneath 1.2952 is likely. -- Al Graham for Jim Martens
 [Topping]
Key Levels: 82.624
Continue to favor weakness from the 82.223/.367 area in what may still be a developing third wave in USDJPY and for prints under 81.925 perhaps much lower. -- Matthew Gress
Nov 26 2012 1:16PM ET: Still favoring near term impulsive downside resolution, doing so along the lines previously discussed. -- al.
Nov 26 2012 12:11PM ET: OK Fellow Wavers, I'm now going to tweak the count a little and take my first stab at getting aggressive this week. The bottom line is now this: From little if any above the 82.223-.367 neighborhood, and starting soon, embrace an aggressively bearish point of view in front of an impulsively hard five wave selling sequence to beneath 81.925... that likely initially carries into the 81.000 vicinity. A print below 82.009 will argue to me that projected sharp selling pressure is likely emerging from the then existing high on day. I am dead wrong if price instead prints above 82.640. -- al.
Nov 26 2012 11:12AM ET: Still favoring price below 81.925 without above 82.390 beforehand. -- al.
Nov 26 2012 9:51AM ET: As long as 82.390 interim resistance is not exceeded, price likely falls in five waves from 82.640 to beneath 81.925 and towards 81.500. -- Al Graham for Jim Martens
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