We are in a topping process. A break below 130.52 will open the downside for a move towards at least the 128.84 - 129.31 area, but we could see a follow-through towards the 127.41 - 127.72 area. The big question here is whether we have seen a big flat correction from 124.00 or we have seen wave 1 and 2 and is now in wave 3, where sub-wave (i) finished at 132.36. I slightly favor the bullish scenario as wave 1 from 124.00 to 132.04 does look impulsive. The wave structure of the current decline will tell us which count is the right on. Thursday, April 7, 2011
EUR/CHF - Topping!
We are in a topping process. A break below 130.52 will open the downside for a move towards at least the 128.84 - 129.31 area, but we could see a follow-through towards the 127.41 - 127.72 area. The big question here is whether we have seen a big flat correction from 124.00 or we have seen wave 1 and 2 and is now in wave 3, where sub-wave (i) finished at 132.36. I slightly favor the bullish scenario as wave 1 from 124.00 to 132.04 does look impulsive. The wave structure of the current decline will tell us which count is the right on. 
Subscribe to:
Post Comments (Atom)
i agree this is an impulsive wave 1. presently a strong retrace could be happen as the EMA 200 at D1 chart was touch.
ReplyDelete