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Wednesday, June 2, 2010

Wednesday

Market recap:

The Green Fork has failed. The White Fork had been on my charts for some time, but until today I did not think it would become viable. Notice the three line intersection of the Cyan handle, the top tine of the White Fork, and the top tine of the Yellow Fork. This Yellow fork comes down from 2007!

I've also drawn a white trend line which crosses the Fibonacci line near 1107 to 1009 tomorrow. We may see Price retreat there, but if it should find further strength I believe Price will find it's way toward the Yellow Fork by Friday or Monday. There are several areas of importance between 1121 and 1139. Worst case is 1151 ,the 61.8% retrace level between 1040 and 1219.

The 200 day MA crosses just above at 1010, and may also lend a hand in turning this rally around. This area is an obvious target.


This next chart is only for those who want to explore an experimental fork strategy. It's a bit difficult to see due to clutter, but let's suppose the bottom tine of the Green fork was better placed at the 1094.15 low on 5/7/2010. Drawn in RED, this fork fits very well. In fact the handle follows the same median line as the White fork, and it's top tine starts at the junction near 1008 tomorrow
Maybe it's coincident but it's food for thought.

Today's White Marubozu creates a possible Bullish Reversal. Confirmation is required.

My indicators are Bullish. They appear neither over bought or over sold at this point.

The Ichimoku remains Bearish on the Daily Chart and having broken through the top of the Hourly Kumo, it appears that a buy signal may be generated very soon , and while the Chikou-span is indicating a good momentum, there is a major Chikou-span resistance at 1103.52 which should offer resistance once again near the 200MA

The Kagi Chart has made a Bullish reversal and will require a drop below 1170 before becoming Bearish again.

In summary it appears that the Bears have a good chance of turning the market back, but if the 200MA is lost then the Bulls will be back in control.
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15:30 EST

I have not given up on the Green fork just yet. The Kumo may turn this advance. Take a look an be the judge. This Green Fork may still work along the median.




11:15 EST
Bullish indicator update.
There is a Persons Pivot at 1087 which may turn Price back.
Previously the Green Fork has been able to turn Price back. This will be the seventh attempt to break through.

10:45 EST
DDF has a Neutral Bias. Price is afloat within the M60 Kumo and trapped between the rising and falling forks. Today will break one way or the other. Currently hovering near the center Pivot.



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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