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Tuesday, May 5, 2009

One more possible count.

There is simply no easy way to count this wave nor is there a simple way to count the preceding waves beginning in March. I really have no idea, but this looked like it could be a possible way to count this wave and wanted to put it out there in hopes that it might help someone else see something they had not thought of.

The major problem with finding a count that works is the wave 1 wave 4 overlap rule. For the last two months it has forced us to count a lot of double and triple zig zags. Not that it is not possible but it's so messy. Even though it looks like three sets of five waves that count has problems with over lap.

This chart has the numbers from my Unknown Extention chart. and I really don't know if that has any value but for what it's worth this is how I count the correction today. I included the Unknown Extension predicted path which would top out at well over our current level if it touches the bottom and top trend lines again.

The Ichimoku is still looking rather Bullish the with price above the Kumo. This is an M15 Chart and it is typical of the other periods.

Something I see that fits with the a bounce off the bottom trend line is that it would be in the area of 890 and that wound be the bottom of this M15 Kumo.

Any comments would be appreciated.

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

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