Tuesday, July 28, 2009
As an Elliottician I'm still looking for one last push, but it may fall short of 990, but if the market continues past that target we could see 1047.
A return to the center line of the purple pitchfork is very likely, and the break below the bottom trend of the small pitchfork gives some caution to the Bulls, but price often travels slightly outside the channel only to renter from the fringe.
Daily stochastics are topping at nearly 99, and the 60 minute stochastics are showing a negative divergence and could easily continue the down trend.
Ichimoku charts are bullish in all aspects and not too far from the Kumos in any of the periods, so there is not a lot of downward pull from them.
Basically I'd say the market is ready to pull back, but there are a lot of mixed signals from these indicators as well as others such as percent bulls at 70.80 which would also indicate a pull back is near.
So I don't know what to expect other than to watch the Euro, which I feel is ready to fall.
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 20:45