Everyone seems to be looking for the same thing which makes me concerned.
I'm thinking we may trade sideways till around the end of next week before the Bears regain control and wave three begins
All the Fibs seem to be working out to somewhere between 1111 to 1122 for the peak of wave ii.
Using Fibonacci Ratios and Andrews Pitchforks to see how it may fall into place, here is what I've come up with.
I have to admit I'm feeling delighted with myself. Kenny just posted this wave 5 ED which I too posted yesterday. I doubt that he reads my Blog, so I'm pretty sure he did not steal it from me ;>)
The Indicators are in agreement.
The hourly charts:
The Ichimoku remains somewhat Bearish, but Price has transcended the Tenkan-sen and Kijun-sen. There has also been a Bullish cross suggesting a change of trend may occur. There is support from the M60 Kijun-sen at 1086 and resistance from the soft underside of the Kumo at about 1097. This Kumo has a flat top at 1117.50 which may get an opportunity to offer resistance.
Woodies CCI has changed to a strong Bullish trend.
MoneySpy is Bullish.
The Daily Charts:
Woodies CCI remains Bearish
MoneySpy is Bullish
Price remains afloat in the Daily Kumo. We have support at 1074, and resistance at 1104.
The Tenkan-sen has crossed below the Kijun-sen, but both are above the Kumo so the Daily Ichimoku has no firm bias.
DDF - The DDF is indicating a Bullish Bias for today's trend. The DDF's areas of support and resistance are 1086 and 1096.5.
Today's Persons Pivot range from 1068.5 to 1094.50. The high was touched this morning
The weekly Persons Pivots range is 1050.95 to 1094.51
In a nutshell it looks like we are in for a Bullish move today. This is also supported by the Andrews Pitchfork.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.