EURAUD has a left Three Black Crows on The Daily chart.. I suspect Sunday night and monday price will plummet .. But after that price looks to gain.. Probably a triangle playing out here before an eventual new high... I drew the Next Candle for visual
Last edited by brad_1199; 08-16-2008 at 05:44 AM..
"Some analysts say the once-venerable U.S. currency is heading into bull market territory, bringing relief to American consumers and European exporters."
"Some analysts say the once-venerable U.S. currency is heading into bull market territory, bringing relief to American consumers and European exporters."
USDCHF is a pretty indication of what's going on with the USD... I posted a very long term chart of USDCHF on the previous page showing price is slowly being squeezed into the end of a very long diagoanl triangle that will still take years to complete before a bottom occours.. So for the years ahead of us right now, I would expect choppy action for a long time to come yet..
This daily chart of the US Dollar Index shows that the US Dollar is ready to fall. Wave (C) of this correction is complete now in five waves. I'll be looking this week and next for signals to take shorts.
The AUD/NZD should be nearing a bottom sometime this week. Wave five has extended and could find support at 1.2188. That number is the 161.8% extension of waves one through three.
Well, i don't say that this is my favorible count( rather the opposite at the moment) but the chances are, that we don't get the 9 or 13, just 7 or 11.
By the way, why do you think that wave 4 can't be double or triple zigzag?
Well first off, I never seen a wave 4 as a double or triple zigzag.
Second, zigzags, weather double or triple tend to stay within a channel. This looks nothing like a channel...its definitely impulsive. It could however, be a wave C of 4 so the possibilities of a new high or not impossible. I still favor a major top in the Euro.
This daily chart of the US Dollar Index shows that the US Dollar is ready to fall. Wave (C) of this correction is complete now in five waves. I'll be looking this week and next for signals to take shorts.
Justy,
Your USD Index chart indicates a "measuring gap" that would correspond to about a 78.00 top for your indicated C wave.
Price closed right near the 77.08 target last week. Price could reverse here, or head up to one of the other two targets, or even extend further. Five waves down on a smaller time frame will be the signal to get short the USD.
Additionally, wave (C) would equal the 161.8% of wave (A) at 77.19. That number is pretty close to the 77.08 target mentioned above.
Last edited by justy10125; 08-17-2008 at 11:50 AM..
Price closed right near the 77.08 target last week. Price could reverse here, or head up to one of the other two targets, or even extend further. Five waves down on a smaller time frame will be the signal to get short the USD.
Additionally, wave (C) would equal the 161.8% of wave (A) at 77.19. That number is pretty close to the 77.08 target mentioned above.
Hey Justy,
Very intuitive chart of the USD index. I agree, we could be in C and if we are, Cs tend to go NO FURTHER THAN 1.618 of A. However, if this is a 3, we could see 2%, even 2.618 of 1, so who knows. Id just like to point out that Im not necessarily a dollar bull...more like a Euro bear. How is that that different? Well, I still say dollar will fair very well against the Euro, Pound, Aussie, and Kiwi, but will do poorly against Cad, Swissie and Yen. What does that mean for the dollar index? NO clue. I need more info so I will wait to see what happens from here. In terms of risk reward, I see no harm in looking to short USD index...I just wouldn't bet the house on it just yet. Going long from here is out of the question.
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Cool
