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Friday, June 26, 2009

My intentions were to also present a hard down count for Monday's open but I could not find a count that fit. The internal wave patterns appear corrective, and I could not justify a way to make it work. Finally I saw Rich's post. So I give credit to Rich for finding a scenario similar to this.

The scenarios I have created are similar to each other. I prefer the bottom chart because it comes back to the trend line in the time frame I would expect, and it has follow though with Friday's closing direction.

Bottom line - I think we are close to getting this business done. I'm hoping we bounce off Friday's R1 at about 930. Friday R2 was at 937, if it gets much above the R2 on Monday, I'm going to get concerned.

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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