AUDUSD--Friday, May 29, 2009
Updating a pattern charted three weeks ago, AUDUSD has hit a (very) extended target. Perhaps due for some pullback here.
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May 29, 2009
GBPUSD--Friday, May 29, 2009
A pattern that finds resistance around current trading level in GBPUSD.
8 hour chart:
If the market blows through this level before the day is out, there is another pattern that would target 1.63.
4 hour chart:
EURUSD--FRIDAY, May 29, 2009
An update of the patterns from charts posted yesterday. The higher area of support noted right around 1.3800 held.
A 4 hour chart:
And similarly the third corrective wave held at a level 1.272 below the low of the first corrective wave.
A 2 hour chart:
And a 1 hour chart:
May 28, 2009
EURUSD--Thursday, May 28, 2009
A short to medium term bull pattern with a projection for a completion around 1.42. So far the high has been around the 2.058 intermediate Fibonacci level. This morning a bounce from the 1.272 intermediate level.
Three wave mid-course corrective pattern. The third wave might be seen as having ended around the 1.272 level below the bottom of the first down wave. An alternative scenario could see a fall towards 1.3720-1.3740, which corresponds both to the 1.6.18 level and the original top of the alpha-beta base. It can also be seen on the 4 hour chart as the range of an intermediate trading zone from last Wednesday (May 20), a sort of "resting area" between the two impulsive moves from the beta low on Monday, May 18, to the high on Friday, May 22.
May 21, 2009
EURUSD--Thursday, May 21, 2009
EURUSD has faded a few pips south of the 2.618 target. Update of these posts from yesterday and Tuesday.
May 20, 2009
GBPUSD--Tuesday, May 20, 2009
An update on a pattern first noted on May 8th post.
4 hour chart:
If one takes the high on May 7th as the top of a new base (alpha), and the subsequent low later that day as the bottom of the new base (beta), the following overlapping pattern appears.
2 hour chart:
Notice the confluence of extended targets right above 1.56.
EURUSD Update--Wednesday, May 20, 2009
The minor 2.058 Fibonacci extended level (around 1.3655) continues to weigh down this pair. Yet its repeated attempts to break through decisively seem to augur that the rally will eventually continue to the 2.618 target around 1.3840.
Once again, a 4 hour chart:
Resistance seen in more detail on a 2 hour chart:
May 19, 2009
EURUSD update--Tuesday, May 19, 2009
There was a fairly strong rejection at the 2.058 Fibonacci level noted on the chart from a few hours ago. Nevertheless, the odds are this level will be broken (sooner rather than later) and the market will head for the 2.618 target around 1.3840. Then we might expect a significant pull back. Stay tuned.
EURUSD--Tuesday, May 19. 2009
Hit some well tested resistance this morning around 1.3650-1.3660 (a minor Fibonacci level). This level formed the "shoulders" of a head and shoulders pattern last week. The odds are that this resistance level will not hold this time. Target is 1.3843.
May 14, 2009
S&P 500--Thursday, May 14, 2009
In this pattern, the decline last Thursday, May 7, is seen as the first (A) wave of a 3 wave correction. The recovery on Friday, May 8--with a slightly higher high--is the B wave. The lows yesterday were 1.618 times below that initial A wave low.
May 8, 2009
GBPUSD--Friday May 8, 2009
GBPUSD also found resistance at the 2.618 resistance yesterday, falling quickly back to the 1.618 level before finding support. Since then the market has gravitated back towards the 2.058 intermediate level.
AUDUSD--Friday Morning, May 8, 2009
An initial rejection at the 2.618 delta level yesterday morning. Today the markets seem to want to retest that level. If that resistance does not hold, the next target for this pattern would be 0.80.
