Monday, June 8, 2009
The bottom of the M30 Kumo provided support just as I had hoped. This could easily turn Bullish. The Euro looks like it may also add support to an upward move. We will have to see what happens over night as the advance seems weak due to cloud cover in the longer time periods. Basically it's getting squeezed between the Kumos.
For now it's looking good for an impulse to 960 to 965. My expectations have been reduced due to wave ratios, but we will have to see what develops. For some reason I keep thinking Primary B should go out with a flare rather than a whimper.
We need to hold above 932 and break through 942, but I think we will see the market complete the last few waves of Primary B very soon.
Today could be part of a double ZigZag coming down from 951. If that's the case we will have to hold above 912. Today's Support 3 was at 914 so it's a fairly solid support.
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 12:51