Above is a 60 minute Ichimoku Kinko Hyo chart. Below is a Daily chart showing resistance at 1000.44 and 953.54. The flat bottom on the Kumo will offer more resistance at 953.54 than the top of the Kumo.
The Chikou is creating a level of resistance/support as I mentioned on the chart, but I also want to add that the Chikou has traveled away from the price and this increases the attraction back to the price level 26 periods ago.
In the chart below the Chikou is at the same level as the price. So a short term attraction is present and strong, but the long term influence of the Chikou is null.
The chart above shows a leading Diagonal. If 1041.17 is breached this count will have merit. If the market does not turn very close to the bottom trend line this scenario can be dismissed.
I saw this failed fifth wave scenario (above) at Elliott Wave Lives On. I like it because I agree with Tony who pointed out that a fifth wave failure would be a fitting end to P2.
This last chart seems to be the popular count. We will have to keep an eye on the count in order to determine which of the scenarios takes form.
In any case the highlighted area will be strategic.
I've also been giving thought to Pedrams post and his concern and came up with this Alt count.
Like like that this count is simple and the Fibonacci target is 1001, which fits with the Ichimoku.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.