Daily Forex technical analysis for the major pairs Based On The Elliott Waves Principle Combined with Various Technical Indicators And Fundamentals
Wednesday, June 23, 2010
Chart Update
My Last Chart was so successful as i anticipated a push to the 8750s level then a move down to the 8650-60 level which will support the trend to bounce up ,, but
where to go from here
the move down from the highs on all pairs i m watching is soo choppy and don't give a clear impulsive move down to support our immediate bearish bias
we even witnessed a new high in the NZD.USD , so i m now watching 2 possible counts for this trend , both of them is medium term bearish but short term .. they r in opposite direction.
first count as shown in the chart is showing a possible leading diagonal with wave 2 to go or might ended at the recent push up and wave 3 to go or to start after a little push up to the 88 level
second count showing this move down as a possible ABCDE correction in a possible wave 4 with wave 5 up to go to new highs before the correction emerges
the break or touch of 8550 will shift the focus to the first scenario ( short and medium term bearish)
the break of the 88 level will shift the focus to the second scenario ( short term bullish medium term bearish )
i ll update the chart as soon as i make sense or get more confident in either ways of this counts
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