Monday, July 13, 2009
This is the M60 chart. Even though the Tenkan-sen has crossed above the Kijun-sen I think this large flat Kumo will be enough to turn the Bull back, but now that we are inside these Kumos we may find the market trapped within a trading range.
This five wave count indicates competion of todays advance.
I also feel that the tendancy for price to be contained within the Kumos, further support my recently updated count as seen below.
Finally here is the M15 Ichimoku. Clearly over bought. The price should be attracted back to the Kumo where I suspect we will see support once again at 888
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 13:56