Tuesday, 20 March 2012


So carrying on from this post and last weeks post the recent price action we have seen was a double failure or 'retouch' attempt to re-penetrate the ML seen below and in its original context here: Now we will see a small empty bounce at 1644.1645 off the LMLP of the failed fork which will -with high probability- fail at one of the lines either ML or RL. Then another attempt down to penetrate the thick red rection line seen in most of the charts below at 1634.00 and the energy from which has given us the recent cycle up since it touched on 14 Mch.
So i suspect we will see lower prices - but just perhaps we will produce another sideways wave upon touching 1633-34. This possibility cannot be ruled out as we still need a lower low.
Of course this doesnt bode well for EurUsd which currently has an unhealthy correlation( like last winter) with several markets including Gold. Theres a possible trade here which i may post on this site with setup.

"The miracle, or the power, that elevates the few is to be found in their industry, application, and perseverance under the prompting of a brave, determined spirit."..Mark Twain

No comments:

Post a Comment