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Friday, January 8, 2010

Friday

08:22 PST

I've drawn new pitchforks . 1.4525 is the next target price for the EURUSD.


08:00 PST
There was some interesting movement in the overnight market just prior to the open. I'm not sure if that is messing with my forecast. I'm getting mixed indications and no confirmation. So rather than say anything about the bias I'm just going to say that the expanded range for the ESH0 is 1131 to 1146.

We have broken below the yellow Pitchfork but bounced off the white Pitchfork, MoneySpy is bearish, PPS is bearish, CCI is teetering on a sell signal and finally That very cool looking chart at the bottom is a Multiple MA and if you look very closely there is a hint of green which could indicate a bullish turn.

The EW gurus continue to disagree about the count but it appears they are all looking for a fifth to complete very soon.

The Ichimoku is showing some weakness in the Kumo near the end of the day. Should Price find it's way below the Kumo at 1130 then 1130 would become resistance.

The EUR/USD has escaped all the forks I had previously drawn. I'll have to work on thoses chart to determine what's going on.





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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