The market behaved exactly according to my forecast which said I expected a high of no more than 1132. The actual high was 1129.75.
The S&P appears have further upside, I'll have more tomorrow and an expected daily range for Tuesday at about 08:00 PST.
The Euro appears to be headed higher. 1.4515 is my preliminary target quite possibly higher. Further study is required before I can ascertain a more accurate target. Plus I feel that the fork is still developing. A break below 1.4392 would set my lower target at 1.4360, but we are currently at the lower limits and a bounce is expected immediately from the current price of 1.4408.
This week is expected to range between 1136 and 1105. Monday has a 75% chance of closing above it's Open with an expected high of no more than 1132.
All indicators gave a buy signal at 23:00 PST .
Woodies CCI gave a perfect Zero Line Rejection "ZLR" just prior to the open on the M30 chart (NOT SHOWN).
MoneySpy and PPS gave buy signals at 02:00 EST.
The Bears failed to hold 1120 ESH0 but this is what it's going to take to finish the Bull's run. As you know I've strayed away from the Elliott Wave Count for some time now, But as I mentioned before it appeared that we were missing one last wave.
The pressure I have been speaking of has been released. It will be interesting to see if this is all there is or if the pressure builds again with a reversal.
The EUR/USD is in an upward pitchfork. The Inchimoku is showing Kejun-sen support at 1.4413.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.
Bob,
ReplyDeleteGood calls recently...I appreciate your analysis. I've been digging through the TOS scripts like you, trying come up with a workable system. I stumbled onto the PPS as well and have been intrigued with it. Was wondering if you find it valueable in conjunction with your other indicators or on it's own? Also was wondering about how you pick the pivots for your pitchforks? I tried using Woodies CCI a while back, but found that if I'm going to look for patterns, I'd rather look directly at price instead of picking patterns out of an indicator.
Cheers,
Todd B
I like Woodies CCI because it's got a lot of info at a glance He could hardly pack more indicators into a system, and still put it on one chart. The reason it will never be popular is that it takes months to learn how to use the whole program. I consider it a second opinion at this point, and if it's jiving with MoneySpy and PPS then it makes a good case. One thing I've noticed is that his Zero Line Reject works out a lot of the time. The TTM series which I've written for TOS is also good and TTM Propulsion uses the same sort of strategy as Woodies ZLR.
ReplyDeleteMy best indicator for general trend is the Andrews Pitchfork. I don't follow the instructions for it's use. I find that lining the center line up to hit the peaks and dips is more useful. Simply placing the three points on the low and then the next high and low can be deceiving. If the center-line looks right then it probably is. If not, stretch the fork around until you find it. Remember yesterday I said "Plus I feel that the fork is still developing. A break below 1.4392 would set my lower target at 1.4360, " Well that turned out to be good observation, and though it appears I missed the bottom by 16 pips. I still got in and out at the right places by watching the volume, Stochastics, and Williams %R.
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