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Thursday, July 16, 2009

A Detailed Count

I am just a bull headed bear,

but it's time I started counting waves again. In the chart above I've labeled the bottom as Intermediate B, and this advance as Int. C. The target is still 1007.

The side by side charts above show the daily and the weekly Ichimoku. We are above the Daily Kumo and below the Weekly Kumo. This may lead to an extended sideways market as the price is squeezed between the clouds.

In the chart below there are several pitchforks and the infamous triangle (RED). The white lines are a pitchfork which follows the top of the triangle. The Blue Pitchfork has recently ruled this chart, and may take control from the White Pitchfork which has been the dominant channel . The yellow fork has been placed as a possible new path, time will tell. A strong break of 1.4040 would indicate that the White fork still has control, and give the triangle scenario strength.

So while I have not given up on the Euro falling to the bottom of the triangle I have come back around to the bullish EW count.

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

1 comment:

  1. I'd just like to add, we have most likely risen on short covers. Next week will be different.

    Just for the record I'm still a Bear. Sometimes you just have to go by your gut feelings, and not cave in.

    If I'm wrong please send sympathetic cards!


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