Monday, July 20, 2009
The Heavy Blue Line is the top of the Kumo is supporting this rally. If it is broken we will probably retrace to about 930.
Whether this is the peak of Primary 2 or just the first wave of C is anyone's guess.
It will probably be a wait and see game. The bears have a long way to go before taking control, but the Bulls have got to pull a higher high out of their bag of tricks to extend this advance.
Many indicators are bearish, but as we know that has not given reason to sell. The Bullish percent is up against the strong resistance of the Kumo.
On a bullish note the $NYSI is above the resistance of the Kumo and the Tenkan-sen.
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 08:18