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Monday, September 15, 2008

Turkey technical special

The XU100 is heading for 32000 again after closing all upside gaps which it made on the upleg the momentum within the next weeks is for further losses. The overall wave was a 50000 point rise from 8000 to 58000 and the 50% retracement is the 32000 level which id due to be tested again. The currency has also quite obvious trends and marked lows , e.g. in case of USDTRY once the 1.26 level is taken out which is just a matter of time we will move quickly too 1.30 within 2 weeks see a small countermove and head for 1.40 thereafter. The overall range of the last big wave was from 1.78 to 1.15 , a 38.2% retracement gives us a target of 1.39/140 and 50% at 1.46/7

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