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Monday, August 17, 2009

The Daily Ichimoku chart is turning bearish with the price below the Tenkan-sen which has changed direction. Support from the Kijun-sen remains at 845.

I don't see a clear count, but this pitchfork channel may provide some guidance.

There are converging trend lines that indicate 24 August as a significant date.
and 9-14 Sept as another significant date range.

I'm not a big believer in Wolfe waves because they seldom work out, but when they do it intrigues me. According to a couple Wolfe Wave possibilities we could be at 970 on 24 August and 845 on 9 September. I'm only mentioning this because it is interesting when Wolfe Waves work out. Even if the target price is not hit, the dates may very well be significant.

So for what it's worth I'll here is a chart showing the converging trend lines and the Wolfe Waves. There are also two Gann Fan lines (red) included. Please notice how the price has been respecting these lines. As you may recall the dates near 4 Sept were an area of significance according to Andy at Price Time Value Investing. But keep in mind he was just giving an area not an exact date.
The EWO is no longer showing divergence.



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

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