Tuesday, May 26, 2009
The market opened down, but ran out of steam. Then it rallied to close the gap. There is still no definite direction this morning, so I've posted two possible scenarios. One is Bullish and the other Bearish.
If the bottom of wave 1 at 908.72 is over lapped then the five count down to C is invalid. I'm not saying we would have to turn Bullish, I'm just saying that this exact scenario would be invalid.
If we overlap the peak of wave 1 (not shown here) at 876 then we are likely to head to about 830 or lower but caution should be used as 830 could be a bottom. At the very least it will bounce at that support.
I almost the EUR/USD. I covered my short at 139.28 for a profit of $750 when the Ichimoku turned Bullish. At one point this morning it was worth $1310 and I did not want to see the rest of it evaporate. The EUR/USD pulled back slightly better than 23%. Not quite hitting my 1.3800 prediction.
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 07:32