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Thursday, September 10, 2009

Direct to the top

The trend lines are closing in. This scenario is a slight diviation from the one I presented yesterday. We did not hit the 1020 target so maybe we are going directly to the top. I generally rush the count, but if we keep going up today I think we may hit the top sooner than later.

The thing to watch will be the trend lines. Especially the big one from March. It has been tested twice. Third times a charm.

FAZ has retained it's value in the face of today's advance which makes me think we may be setting up for a fall.

The Ichimoku is indicating heavy resistance around the 1015 area, but late Monday that resistance should break up allowing the price which would have already escaped the Pitchfork to break the major trend line coming from March.

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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