Friday, May 29, 2009

USD/JPY

If the triangle scenario holds, this is wave D in the making. Wave Y is 2 times the size of wave W. There's also a nice fib extension after the wave A top, where wave c = 1.618 * wave a (but wave c could possibly not be finished yet).

Geplaatst door op

3 comments:

  1. Luc De VliegherMay 30, 2009 at 1:30 AM

    Jeremy,

    Say where price is heading: down or up and target? Not evereyone is an EW specialist.

    Grz,
    L/

    ReplyDelete
  2. Jeremy DemunterJune 1, 2009 at 12:38 PM

    Hi Luc,

    I'm carefully bullish as long as price remains above 93.54 . If this gets broken, the triangle is no longer possible. I say carefully bullish because there's a bearish engulfing candle on the monthly chart, the triangle support on the monthly chart got broken and is now acting as resistance and the daily 200 moving average got broken, restested and rejected. So since I'm expecting 1 more high ( wave C ), i'm waiting for prices to go higher to find a nice short trade. If price doesn't make a new high, then at least i won't lose any money and i'll look for a short entry at a lower level when the EW counts clears up again.

    ReplyDelete
  3. Luc De VliegherJune 7, 2009 at 5:05 PM

    OK Jeremy, turns out you're right.
    Barn Owl

    ReplyDelete

Subscribe to: Post Comments (Atom)