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Wednesday, January 6, 2010

Wednesday

22:19 PST
Why did I sound apologetic? The Fork RULES!!




13:00 PST - Market Closed

Thank you , thank you ... Please hold your applause. Let me humbly declare today's ESH0 forecast as perfect!

We traded within the daily expected range for most of the day and peaked just 1/2 a point below the expected weekly high. I did say if we broke out of the daily range we would go no further than 1136 ... Hey I said that a couple days ago!

Ending higher on the day just as the Bullish Bias indicated this morning at 07:30

Please notice the way Price bounced off the yellow mid line, and the red top line during the day.
OK I know your itching for an Ichmoku update!

Throughout the day Price sailed along the edge of the Kumo's M5 support. But do you see what I see? There appears to be some weakening and a soft spot on the M5 Kumo's transition.


Looking at the M60 above, it would appear that the market has sailed into the stratosphere and may need to reconnect with mother Kumo. Hmmm what do we see there? Not exactly great strength in that Kumo!

OK, onward to the Euro...

I'm sorry to say the EUR/USD did not confirm the Magenta fork, but it did turn on the Yellow fork. I've had to move the Magenta forecast to 1.444 and it looks quite good there. This still needs confirmation just as before, but with so many forks coming together at this area I'm feeling confident that the Bears will win this battle. Not shown is a forecast fork that indicates a peak at 1.4459.

To see this draw an Andrews Pitchfork with an origin at 1.4256 on 3 Jan 2010.
In conclusion I feel that it's getting late and the Bulls are going home soon. This party is over! Some loosers may wish to push it further, but those us who are sober are leaving.





10:00 PST
Still trading within today's expected range.


08:30 PST
Below is the EUR/USD.
The Green fork starts at November 25,
the Yellow fork starts December 22,
Red January 3 and
Magenta January 4. This last fork is the one to watch for confirmation.

Price is approching the center line of the Yellow Fork which is close to the top of the Green fork. This adds validity to the Magenta fork. Breaking the bottom of the yellow fork would put us well into the Magenta and Green forks. Where the downside potential is enormous.

07:30 PST

Today's trend for the ESH0 has a Bullish Bias. Expectations are a range of 1133.75 - 1129.75
Should that range be broken the range would expand to 1124 to 1136.



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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