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Thursday, May 28, 2009

Morning Update Thursday




There is no doubt that the EUR/USD are still hand in hand. Last Friday I said the Euro would pull back to 1.3800. 1.3790 was the exact bottom for a perfect 38% retrace.



The channel appears to be holding. One scenario is that the SPX goes along for another Bull ride as the Euro heads for it's next resistance at 1.4365.

Below is the same Bull and Bear predictions I've shown since Tuesday. Except for the Euro looking Bullish there is no clear indication which scenario will prevail.









Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

5 comments:

  1. It did not take long to hit the resistance at 1.3965. Next goal will be 1.4000. Keep an eye on the bottom trend line.

    ReplyDelete
  2. This is my newest idea Bob.

    http://4.bp.blogspot.com/_vp3HMJGSqug/Sh8KuR_tx4I/AAAAAAAAAjM/1Y-_2BPQhG4/s1600-h/SPX5-28-09DoubleThree.png

    keep up the good work

    ReplyDelete
  3. Similiar triangle will bring shortterm solution for 5 min chart, either complex W4 or it was simple one.

    I suppose this is pretty frustrating market for many partipants, I really wonder can someone book any profit trading SPX - at so far monday was only day it offered reasonable size and it was also gone (bought) quickly. Take a look Yen crosses, there´s real party going on ;)

    http://fibonacci-financial.blogspot.com/

    ReplyDelete
  4. Thanks Mika,

    You are correct, It's frustrating to watch for signs, but never getting a clear indication, while knowing all along that something big is about to happen. So here we sit here.

    I looked at the Yen. It seems to be in trouble. I admire you for being able to watch so many markets.

    ReplyDelete
  5. Pedram,

    Thanks for the new triangle chart. It appears to be right on track

    ReplyDelete

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