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Wednesday, April 15, 2009

Ichimoku Kinko Hyo Charts


1m - Full on Bull with slight support from the Chikou Span at 848
, Kumo support at 845

5m - Full on Bull. Kumo support at 845

10m - Strong Buy Signal with strong breakout above the Kumo. , Kumo support at 845

15m - Ready to
give a strong buy signal by breaking the top of the Kumo.
This may also be resistance and the undoing of this rally.

30m - Price broke through the top of the Kumo but Tenkan-sen has dipped below Kijun-sen .

This also shows some weakness.
Kumo support at 850.

60m -
Price broke through the top of the Kumo but Tenkan-sen has dipped below Kijun-sen
This also shows some weakness.
Kumo support at 835

1D - Strong Buy Signal four days ago,
Kumo support at 810

1W - Improving but no buy signals

1M - Bearish


Summary:
We have formed a triangle which increases the chance of an explosive thrust from the top of wave A,

As predicted 836 offered support. The low for the day was actually 838.

Signs of weakness in the 30m and 60m charts. A Tenkan-sen/Kijun-sen reversal in the 15m and an over extended rally with many indicators showing overbought lead me to believe long positions should be liquidated.

If the 845 and 836 levels fail, both the 1 hour and the Daily charts indicate the next strong level of Kumo support is 810.
38% retracement lies at 784 with 50% at 761. Those levels fit nicely within the Kumo.


If I don't say it, maybe it will finally happen.

I'll be in Las Vegas until Monday so you may not hear from me till then.

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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