Wednesday

Market Recap:

DDF was spot on today.


Finally confirmation. But today's Black Spinning Top or High Wave is a set up for a Morning Star Pattern. If tomorrow gaps up and closes above 1182 or there about, then we will have a Bullish Reversal Pattern and our Bearish Reversal may have been short lived. The Morning Star would still require confirmation on Friday, so unless we break support it's going to be a little risky for the Bears. Considering the way the Forks are laid out I'm looking for a Morning Star or at the very least a white candle tomorrow.



11:00

As I mentioned yesterday the size of these forks makes for quite a bit of wiggle room. When trying to forecast relatively small moves. A slight adjustment to both the red and yellow forks indicates that today's low may have touched the bottom tine. If the green fork s broken to the upside the Bulls may have taken back control.




10:30 EST

DDF is Neutral

I've adjusted the downward fork to a more bearish incline. The prior position is shown in Gray.
Breaking the Trend Line indicates a wave three and while I have just about given up on Elliott Wave I'll venture a label.

The Oracle Of Delphi is close to giving a short term buy, as is MoneySpy. This fits with the Fork and EW count.




Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.