Tuesday, July 12, 2011
Bullish ?!
With everyone now convinced that the bear is awake, it seems like now is the time for a rally. I know that the fundamentals are against this view, with the euro debt crisis getting a lot of attention, but this count is what i see not what i believe. This doesn't mean i'm looking for a new high, since the 1.4939 high is probably a wave X, the decline will be corrective.
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Hi Jeremy!
ReplyDeleteI want to check with you that I understood correctly.
As far as the upside correction would be concerned, do you expect a correction of the last Y leg down or one for the whole w-x-y leg down from 1.4940?
I am keen to identify a potential price level for these retracement which I will then check with a projection of the two legs up which are now forming.
Thanks for your kind opinion.
Best regards,
Catalin
Hi Catalin,
ReplyDeleteThis low would finish a WXY from the 1.4940. The correction could be small, maybe just to 1.42 - 1.43. But it's too early to tell. I'll post a bigger view later today or tomorrow.
Greetings,
Jeremy
Hi Jeremy!
ReplyDeleteThanks for your feed-back. Point taken.
I had the chance to visit an USDX chart and seen that the today's candle has hit the 200 days MA and the 233 days MA (they just overlap). The closing of the daily candle today will make a big difference.
There is also a hell of overselling indicated on the EURUSD 4h and daily charts.
I try to reconfirm Elliott readings with such inputs from other technical analysis tools.
I look forward to your new posting.
Best regards,
Catalin
Latest hour:
ReplyDeleteIt seems that we get another impulse leg down from 1.4050 ...
It might be on the way to 1.3730 which would also 'fall' right on the trendline.
Catalin