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Hourly chart.
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March 31, 2011
EURUSD--Thursday, March 31, 2011
March 24, 2011
EURUSD--Thursday, March 24, 2011
A quick chart this morning showing how we the decline in EURUSD from Tuesday's high to today's low maps out an A - B - C pattern where the length of C equals 1.618 times the length of A.
We have presently retraced about 38.2% of that entire A - B - C move. 50 % would take us to the 1.4150 area (approximately the terminus of the A wave), and 61.8% would take us to 1.4173.
March 22, 2011
EURUSD--Tuesday, March 22, 2011
This is a short term impulsive pattern built from a base developed about a week ago. The operative phrase is "short term." There are still other patterns in play which would posit higher targets.
March 21, 2011
EURUSD--Monday, March 21, 2011
This pattern has shown some validity, with the 1.618 and 2.618 extensions of the base providing earlier resistance. If current activity is a continuation of the same pattern, the next area of resistance should be around 1.4320, the 4.236 extension.
March 17, 2011
S&P 500 --Thursday Morning, March 17, 2011
This St Patrick's day rally differs from previous rally attempts Monday and Tuesday. As seen on a 10 minute chart, we have managed to break through a short term downtrend line.
The action after that breakthrough has not been extraordinarily enthusiastic. The possibility that what we are seeing is primarily the result of a greater volume of morning beer drinking has to be considered.
LATER THAT SAME DAY (after the close)
The index, once it got through that downtrend line, spent the rest of the day oscillating around it in an expanding wedge. So much for beer fueled rallies.
March 16, 2011
EURJPY--Wednesday, March 16, 2011
Since the high on Friday, March 4th, the EURJPY chart has traced out a 400 pip 3 wave down, ending yesterday morning. The A and C waves could each be further subdivided into an a-b-c, the c of both having an impulsive look, with a 2.618 move down from an alpha-beta base.
Overnight a rally off yesterday's low punked out at exactly 38.2% of the entire move.
March 14, 2011
EURJPY -- Monday, February 14, 2011
From the high near 116 on March 4, EURJPY has traced a 3 wave decline, with the C wave 1.618 times the length of the A wave.
As noted on Friday, the C wave was impulsive in nature, with a delta wave ending 2.618 times the size of the set up alpha-beta base.
The spike up in the Asian morning session topped out at a 61.8% retracement of the entire A - B - C move.
March 11, 2011
EURJPY -- Friday, March 11, 2011
A nice example of an extended price pulse, 2.618 times the base area, working its way downward on EURJPY this morning. Hit the 2.618 (phi squared) Fibonacci target within 1 pip and stabilized.
March 8, 2011
EURUSD -- Tuesday Morning, March 8, 2011
Possible longer term target at 1.4560
March 7, 2011
EURUSD--Monday, March 7, 2011
Example of a short term (5 minute chart) extended "price pulse." A base formed from an "alpha" low (around 8:00 AM NY time) and a "beta" high (about 10 to 15 minutes later). The 2.618 Fibonacci downside target from this downward alpha-beta base was 1.3990. Bingo.
March 4, 2011
S&P 500 Friday Morning, March 4, 2011
A quick chart showing a Fibonacci "price pulse" from an alpha-beta base created on Wednesday afternoon. The impulsive move quickly broke through the 2.618 target at the open yesterday, then that level became support as the market moved steadily upwards towards the 4.236 target, roughly around 1332-- which matched Tuesday's high. And that seemed to be it. Roll over.
