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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