Friday 19 March 2010

Thoughts on 'Down Under'


Here's a few long term Mod 'Schiffed' ML sets on AudUsd. Drawn with e-signals diabolical pitchfork tool so theres a bit of room for error....however i already have a down sloping ML set drawn from midpoint of the top to bottom of the big autumn 2008 crash. I have gone back to the weekly charts and chosen another earlier significant/prominent swing low then taken the mid point P0-P1 and drawn a lighter blue modified schiff ML set that also seems remarkably accurate and describes three recent market swing highs and the 61.8 Fib inner line(blood red) seems to have provided price support, but there a long way down to the centre line. I have been wondering how much more energy price has to expend but have not yet been seduced into picking the market top but something seems to have turned and we have bearish divergence on the 4 hr TF with Macd making lower highs as price ventured higher to make the most recent/current swing high at 92.52. This on it's own is not enough but it makes an interesting
chart and i am watching for a possible setup which i will post.

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