Monday, July 6, 2009
The market is falling nicely within the Andrews' Pitchfork. I added a cyclical study to this chart which may help us time the next reversal. On a closer scale this next chart also indicates that the market is contained withing the immediate pitchfork.
On a much grander scale I've drawn the Andrews' Pitchfork for the P2 accent with the weekly Ichimoku. As you can see the Kumo is acting as a major resistance to the price, and the price is well withing the limits of the channel. Notice that the Kumo contains the target for wave C. It is unlikely that the top of the Kumo will be breached.
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 20:26