Saturday, June 12, 2010

Corrective wave continues further upwards!

Sensex


Given the recent strength in Senex expect wave 2/B to continue further up taking prices near 76.4% retracement levels of 17500
Also previous 4th wave resistance lies at 17400 level
Wave c = wave a at 17450 levels
All these give a potential resistance zone as 17400 - 17500 from where prices should turn lower
Time Cycles also suggest rally to continue for couple of days before we turn down in a major move
It can be dangerous to trade this corrective wave upward as it can develop into a complex pattern without much potential for upside
Wait for prices to take out lows of wave b before initiating a short position!


3 comments:

  1. Hi traders!! - EURUSUD
    Trend bearish all time frames, but test this week important suport monthly box [1.1575,1.1890].
    Until now any signal for a temporary bottom at this levels, but i change my view this week, Strong Bearish to Bearish neutral, because this cross test important suport/box montly chart.
    Key number short-term 1.2350 below key expect new lows target 1.1750 ( look to chart fibonacci areas>> perfect testing upside and dowside).
    Last session possible temporary top is formed 1.2152 because for now, resistance hourly range [1.2154,1,2165] and daily chart [1,2154,1,2178].
    If close hourly above 1.2178 new resistance range [1.2233,1.2250].
    Suport hourly 1,20 and range [1.1940,1960]. Close hourly below 1.1960 expect more damage first target last low 1.1875 and second target 1.1750.
    Nothing new follow the pattern of last weeks. Pattern??
    Looking to daily chart EURUSD tested friday last suport box now resistance this pattern have 6 weeks.
    Friday test EMA 21 represent for now important resistance.
    Enjoy your sunday have a nice week.
    http://followmarketrend.blogspot.com/2010/06/eur-usd-market-report-13062010.html

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