Monday, May 11, 2009
This is my count for wave 4 of C.
Tuesday should be the beginning of the dead bull march to 943. I hope it's a stampede.
MACD is still showing negative divergence indicating that the market continues to be overbought
I'm not sure if wave 2 is truly an expanding triangle as indicated on my chart, because as far as I know it should be a 3-3-3-3-3, but it appears to be 3-3-3-3-5. Even so, it looks like we should work our way to somewhere between 935 and 961 with 943 being the preferred target by Wednesday or Thursday.
A turn at 943 and a break below 880 will be confirmation that the Bull is dead.
The Ichimoku charts were Bearish today, but a push above 918 should turn them Bullish again. Besides this M30 chart shows support at the lower Kumo right where the Elliott Wave count is calling for a turn. This adds credence to the Elliott Wave count even though the M1 through M15 charts are Bearish.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
Posted by Robert Campbell at 13:03