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Friday, October 2, 2009

A Beautiful Setup

What a beautiful setup today. We came out of the triangle and right into another. My Fibonacci target is 1020 which coincidentally is also the bottom of the wave three.

I then expect a bounce back to 1025 on wave four. If we don't overlap 1018 I would advise caution on shorting that wave four bounce as 1018 needs to be taken out before we are safe from this being the fourth wave of a Leading Diagonal.

By the way I stand corrected. I've been referring to it as an Ending Diagonal which would have had a 3-3-3-3-3 pattern, where as this has a 5-3-5-3-5 pattern.

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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