Wednesday, December 8, 2010

Bull Flag

We got a nice wave C down as expected. This wave C has found a lot of support now. A of B = C of B, 50% fib retracement from wave A, channel support and even round number 1.32 are all giving price support. The hourly candle formed a nice hammer through all this support, so i'm looking for price to go higher. Should this rally be in 3 waves, it would mean wave B isn't finished yet, look for 1.3080 regio to offer support then.

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