Wednesday, September 9, 2009
I'll admit I've found it difficult to count the waves lately. The first two charts are from Rich and Daneric. The last chart is an attempt to make 1038 the peak of Wave P2. It always felt wrong, but at the time it seemed like it might work.
Both of the top charts will expect a pull back to about 1020 before resuming the advance. If the advance over the past two days is wave one then the top chart would seem to have us going quite a bit higher.
I expect the resistance at 1053 to stop the market from going any further than that. Therefore I prefer Danerics count. Besides an Ending Diagonal would be perfect in this position.
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 19:28