Wednesday, August 12, 2009
Right on que two days down, and then an explosive up day. The M60 chart shows how we are riding up the edge of the Kumo. The last candle finished low at 1005 after making a higher high and a higher low, indicating some weakness as per the EW count..
The Daily chart made a higher high as well as a higher high, but it closed below the Tenkan-sen. This also shows some weekness, but overall the Ichimoku is bullish with price above both the M60 and the Daily the Kumos.
Stochastists are in over bought territory. Also an indication of a need to rest.
I have two possible scenarios. Both are bullish. This count is less than subminuete, it's down to mircowaves and yet it counts as per Elliott.
The confusion is over IMHO.
The 3-3-3-3-3 Expanding Diaganal was real, I was simply out of phase. I take responsibility for that. I did not want to see this near term supper bullish scenario, and discarded it. I let my emotions rule my analysis. Everyday is a learning experience, and I learned from this mistake.
We seem to have completely divorced the EUR/USD. It was such a handy indicator.
$BPSPX is at 82.24! Wow how high can it go?
The VIX had an inside day but it is creeping up, and remains above the Tenkan-sen. But it has not given a bearish signal.
My best guess is that we are heading for 1045. Keep you powder dry!
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 16:24