Monday, June 1, 2009
This is basically the last EW chart presented over the weekend. By the close on Friday it appeared to me this advance had finished five waves, and was ready for a wave 2 correction. But this bear market correction continues to exhibit and amazing amount of strength, and resilience, and finally hit 943. As you may recall that was the target I had been looking for two weeks ago. Now it appears there may be further to go.
I'm showing Wave A as having peaked at 930 and the end of the triangle as a (Wave ?), because I don't know how it will fit into the overall count. It seems to me that Wave B needed to retrace more of Wave A, and there are also other scenarios that could still play out. Since 943.85 was the peak of wave 4 in Early January 2009, it will provide resistance. It's also R3 Pivot Point.
So short term it looks like we will hesitate here before moving on to higher ground, but I'm not confident right now. There are too many possibilities.
Pedram presented this interesting Double Zig Zag Scenario over the weekend.
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 08:37