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- 2006-7-3
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楼主 |
发表于 2008-5-9 08:45
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Hi Tom,
I'm still overall bullish on the EUR/CHF due to the count I have on the daily, but I could also see the recent rally as just a correction due to how this pair is correlated with some others.
On the daily chart, I have the large five wave decline as wave 'C' of a flat. Wave 'B' of the flat counts best as a three move, thus the reason for calling the entire move a flat.
The four hour chart below shows what I think is going on. To start with, there are a few things that are jumping out to me. First is that the large decline seems to have ended with a truncated fifth wave. So I start the uptrend from the thick horizontal line which is at 1.5448. The first five waves I count are overlapping, so I count that as a diagonal. The second thing that jumps out is the decline from 1.5956. I count that as a flat because of the smaller five wave decline. That flat could be either wave '2' or wave 'B.' The third thing that I notice is the rally we saw last week went pretty much vertical, which could be indicative of a third wave. OR it could be just following along with USD/JPY and USD/CHF (the two pairs it's correlated with the most) and making a run higher before it reverses to the downside.
I do see at least one more high to somewhere near 1.6200 or so, so I'm planning on taking off half of my position there and seeing what happens from there. If price action is still bullish, then overall targets aren't until above old highs at 1.6828.Attached Images  |
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