Thursday, July 30, 2009
Andy at Price Time Volume Investing deserves kudos for a great call!
Yesterday I told you about his chart, indicating today may be a significant day.
A full force gap down sell off at the open should be expected if we have seen the peak of P2 as tomorrows open would be a wave 3. Some hesitation at 970 can be expected, but the trend should resume if this is P2.
On the other hand if this was only Minor A then we may bounce. Pedram and Daneric are looking for this scenario and expecting a bounce to about 980 before heading back down on Minor B to 956. That scenario has a lot going for it since we have not reached our P2 target of 1007 to 1045 . Also as I've mentioned before we have not spent enough time in P2. While I don't think it will take this long, the ideal time to finish P2 would be November.
By the way I think Adam's charts are indicating a significant day in late August or on Friday 4 September 2009. I'm not real sure about how to read his charts.
Here's a list of things that make me near term Bearish:
The price is at the centerline of the two small forks, indicating a reversal.
The downward waves appear impulsive.
Bullish percent is at 72.6%.
Daily stochastic is turning down from the over bought 96.62 level.
The long wick on the candlestick show that the Bulls were unable to hold all the gains.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.turn to bite the bears once again.
Posted by Robert Campbell at 14:13