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Wednesday, November 18, 2009


Update 12:35 PST

Wave C and D are disputable, but this is the general idea. This happens to fit pretty well with Alexanders forecast too.

Update 11:12 PST
There's a triangle in there, but I'm not sure how to count it. My best guess is we break out to the upside to finish a fifth wave. What's your opinion?

Update 10:30 PST
The Price has dipped below the Tenkan-sen and exited below the Pitchfork. MoneySpy has resided below the sell line for the best part of the day.

This is considered a warning to the Bulls, but with stong support just below from the Kijun-sen and the Kumo it is still too risky for me to go short. For the scalper I believe there my be a small 10 point play. But each time we test Tuesdays low of 1102 we make a higher low which makes me cautious.

If we do break 1102, the market may move quickly through the support levels, so it's a difficult call to make.

07:35 PST

MoneySpy has once again crossed the Buy/Sell line. But it does not feel right. Looking at the chart it appears that this could be a correction and higher prices may come later in the day. I'm waiting for a more definitive breakdown.

The Ichimoku (not shown) remains Bullish.

Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.

1 comment:

  1. That triangle could be a top triangle, but I'm hoping to profit on on the bullish side. Go here to see how I'm trading it - and for a daily technical analysis of the markets:


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