If the laws of Alan Andrews are to be correctly observed (if not then we could bring brown P0 to blue P1 and the low would perfectly touch the new CL -but this would leave P0 ahead in time of P1) then the brown d/sloping fork on the bottom RHS of the chart shows that price has not reached (yet) the CL and should rally. The market is now oversold in the short term and regardless of future direction i would expect to see a RT before and continuing down move.....but we are already on/just a touch above the LMLP of a very important ML set that has supported price well in the past (see here) so i must ask will the end of USA session see a rash of short covering ahead of the weekend or is euro weakness set to continue? Certainly the price action of the bars/candles seems very limited/exhausted on any upside movement we have seen recently.
Friday, 13 August 2010
€$...where from here?
If the laws of Alan Andrews are to be correctly observed (if not then we could bring brown P0 to blue P1 and the low would perfectly touch the new CL -but this would leave P0 ahead in time of P1) then the brown d/sloping fork on the bottom RHS of the chart shows that price has not reached (yet) the CL and should rally. The market is now oversold in the short term and regardless of future direction i would expect to see a RT before and continuing down move.....but we are already on/just a touch above the LMLP of a very important ML set that has supported price well in the past (see here) so i must ask will the end of USA session see a rash of short covering ahead of the weekend or is euro weakness set to continue? Certainly the price action of the bars/candles seems very limited/exhausted on any upside movement we have seen recently.
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