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.
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.