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Friday, November 20, 2009


8:40 PST

The bottom of the Kumo will provide support.

MoneySpy is diverging from the price trend, indicating that the market may consolidate in this area before moving lower.

Keep an eye on the Pitchfork. For me this is the best indicator of price range and a significant breakout would indicate the next direction.

If this is wave 3 we may even see a breakout below the pitchfork with a powerful wave three, but I'm not expecting that to happen.

The Ichimoku is neutral to slightly bearish. For now I expect the price to be contained within the pitchfork and the Kumo.

By the way the Fibonacci Spiral is the same spiral I drew several days ago when making those Fibonacci charts. I have not adjusted the parameters to look this good.

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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