Yesterday I presented the Ichimoku 60 minute chart and the Daily chart. Today I'm showing the 30 minute chart as this correction is getting very close to the bottom of (wave 1), and I feel that a more immediate chart is required at this point.
The bottom of the M30 Kumo appears to be holding the Price for now. However if it does break through the top of the Kumo should provide even more restistance. Hopefully it will not overlap.
If my EW count is correct it should be down on Tuesday.
The above chart is the Failed Fifth wave count. The chart below is my preferred count which shifts the bottom of (wave 1) to the left, and counts that awkward set of waves as a 3-3-5 correction for (wave ii)
Ok just in case you are feeling like the Bulls may take control.... Here are some charts I was looking at today. There is nothing Bullish going on around here.
This chart is loaded with information but the important thing to notice is the Price by Volume which shows the high level of support and resistance in our current price level and the 50MA which we just bounced off of.
This is the Awesome Elliott Wave Oscillator. It shows bearish divergence
Bullish percent is still at lofty levels and falling with confermation from the MACD.
And finally the percent of stocks above their 50 MA is continuing to show divergence and dropping quickly.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.