Trade Notebook
Currency Pair : EUR/USD Date: Thursday, August 28, 2009
Hourly
Elliott Wave: | There is a clear 5 wave up movement that stopped against a long term trendline and possibly truncated the fifth wave. | |
Classic: | A lower high found resistance at 1.44 possibly causing a reversal. Also, it could be considered a double top at the resistance lin ethere since Sept. ’08. | |
Comment:
Elliott Wave:
An expanding wedge might be forming, with a truncated fifth wave. Expanding wedges usually stop at the upper line of the wedge. We need to see if price is capable of penatrating the resistance at 1.44.
Classic:
Price is held by 3 forces, a channel support, a long term resistance since sept. ’08 at 1.44 and an upper channel support possibly at 1.46. Wait for the triangle to break to make your move. It is unclear now where it will break first.
Weekly
Elliott Wave:
We can see a 3-3-5 flat from the 1.23 lows and wave 2 is almost, if not already completed. Prices are held by the 61.8% retrace and the MACD is closing and turning bearish. Expecting a reversal soon that should take out the 2329 low.
Classic:
Price retraced 61.8% and candle sticks are showing very spikey wicks in this area indicating heavy resistance. If price is unable to penatrate the 61.8% long term resistance, I am expecting a big downturn probably back to 2329.
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