Wednesday, September 2, 2009
The top chart is a 60 minute chart. As you can see there is a sloping Kumo which will offer resistance. The second chart is a daily chart. The daily Kumo is quite a ways off, but it will offer support between 945 and 976. The important thing to notice is that the price is below both the Tenkan-sen and the Kijun-sen.
I'm too tired to post the EW charts tonight. But I agree with Kenny and Daneric who have both done a wonderful job of counting the waves. Rich too has some interesting ideas so click on these links if you have not already been there.
Bottom line is, I think we will get an opprotunity to sell a trading range between 1005 and 980 for several days as we work our way through waves four and five and then waves four and five of one degree larger.
I don't know if the large wedge I showed yesterday will prove to be correct. Everyone else seems to be in agreement on the extended third wave. I don't like the way that looks, but then I also feel wave e of the wedge should have extended past the top of the wedge. Time will tell, but the obvious count is very bearish.
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 22:30