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Tuesday, June 9, 2009

The M30 Ichimoku chart is weak but still bullish.

I believe the market will finish wave e and peak at about 963 by Thursday as seen in the chart below.

The next chart is my Bearish scenario.

As Rich pointed out, it may be too soon for the end of the second primary wave, but either way it appears we are close to making a top of one degree or another.

As I said yesterday, it does not feel right for the second primary wave to finish so weakly, therefore I intend to look more closely at Rich's charts. That's what I like about Blogs, bouncing ideas around is very helpful, and allows for counts that may not have seen. As the waves unfold one or two will begin to look more likely.

For the short term I'm still looking for 963 unless 912 is broken first.

The Euro is also in a correction, (It generally seems to be in a correction) and I don't have a clear feeling about where that market is going. It's been hanging around the 1.40 area for about eight hours now, but it has been on a slow steady climb for the past three days. This Daily chart shows two intersecting channels and a breakout to the up side of the smaller channel. With a little luck this will help to carry the SPX to higher ground.

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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