Looking at the price action here over night I think this will be the final count on this flat correction in USDJPY and the top is now in place.. FINALLY ! Thank God ! I was starting to feel like that correction may never end ! I'd say get your short positions on board here soon targetting 80.00 and lower, however, this week danger remains of a bounce back above 97.00 to close the week before a continued vault lower next week.. So be aware, and be careful.. This pair is is chopping and churning like crazy...
Gbp/Jpy has broken and tested trendline support, just like USD/JPY.
This pair looks like its got potential for a quick drop... But if you add the bollinger bands in place, a rangebound environment seems likely for now..
of course there are also dollar bearish ones, but i think this is a desperate attempt to suck in further dollar bears /"weak hands"/ in order to fuel its rally. as early as after todays trading session.
shortterm price action will have to confirm this scenario(s) before any positions are entered.
i expect the dollar return to be as huge as yesterday, if not more, so this might get emotional and burn some people away who just decided this is the end of the dollar.. .
also there might be some huge event coming, but lets not speculate what it might be..
I can tell you you are totally right! that mistake cost me few thousand! do not guess the end of a rally .let your profit run and wait for a clear revesal.I thought gold got over bought after $30 rally and short it but she got so HIGH!! to $950 from $885 20 min before! $66 in one hour!
has anyone ever seen such a mad dance from her?!
Yeah, one count is good, two (i mean to have an alternate) is better...
Here is 4 Hour chart for silver, with three possible counts...
My eyes and hands say we are going to see a fall in USDCAD if it closes below 1.23 on a weekly note with TP of 1.21 and 1.15. 23.6 and 38.2 fib retracement between Nov 2007 low and Mar 2009 high (0.9050 and 1.3065).
Does the EW support or oppose this view? All EWians pls shed some light...
Wave 1 of C from 1.3653 to 1.4228 (575 pips)
Wave 2 of C from 1.4228 to 1.3842 (386 pips)
If wave 3 of C is over at 1.4553 (711 pips) are we still expecting a move to the 1.50s? That would mean wave 5 would have to be huge (depending on where wave 4 ends). Any Elliott rules preventing such a move?
Thanks,
-B
1.4550 area is the confluence of the 61.8% fibo from the Monthly chart, the 361.8% extension of wave (i) of 3 and the 61.8 Fib expansion of Waves A and B of 4. The question is, have we completed Wave 3 of C of 4, or just wave (i) of 3 of C of 4?
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Originally Posted by cmellon
Whew... how could I sleep through all this event
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