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Friday, June 18, 2010


Market recap:

Friday ended with a White Spinning Top. This does not provide confirmation to the Harami that the Bears were looking for and instructs us to stay long.

The daily indicators are still bullish while the hourly have turned bearish. This fits well with a swing back to the bottom tine. While I expect a pull back to the bottom cyan tine I also expect Price to continue it's upward trend until it finds resistance from the Dally Kumo near 1141.

14:00 ET
If I were a wave counter I would see something like this, but only because it fits well with my indicators and the forks. Hourly and daily charts look like they may turn down very soon. In fact the Oracle has turned red on the hourly

12:05 ET
Look at the Squeeze indicator. It looks like pressure may be building on the hourly chart.

The calm before the storm

10:50 ET
DDF has a Neutral bias today, but the forks lead me to believe the market has further upside potential toward the 1160 area next week. The Weekly Persons Pivots show 1141.5. The Daily Kumo will provide strong resistance at 1142 so this will be an area of interest.

The descending pink line is the pitchfork from 2007.

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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