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Tuesday, August 4, 2009

Still in the ED

I'm sorry about the faults alert, I should have waited for the price to actually touch the trend line, but we still have a perfect ED, and tomorrow should reverse. It will probably overthrow the top ED line and possibly hit 1015, but everything still looks like it's in place.

The EWO is still declining and giving a strong sell signal.

BPSPX is at 75.80%, Stochastic levels are high and RSI is at 65.78 down from over 70%.

We are finding support from the Tenkan-sen but a drop below the Kijun-sen which is coming up fast should turn this chart around. The Kumo will provide support at 982 and again at 970 but I'm not looking for a bottom until 940.

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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