Friday, November 13, 2009
The Ichimoku M6o chart is Bullish but the Tenkan-sen/Kijun-sen is in Bearish cross, this is only a warning to the Bulls.
The hourly MoneySpy has traveled above the Buy/Sell line.
The Andrews Pitchfork remains one of the best indicators. Until a new trend can be established with a downward fork the short side will be dangerous.
Alexander at AMBG Trading recently inverted his forecast, and went long. He's looking for 1120 or higher before the market turns. He may be right if we don't turn back down at 1101, the 78.6% level.
It looks like Kenny is standing by this being P3, but I'm sensing some doubt.
This is a difficult time to be picking a top. Today's advance seems to be made of three wave moves so it looks corrective to me. We will most likely know by Monday.
After market update:
I'll have a weekend update. I think the Bear will be happy on Monday
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 10:33