Attached is a chart of for DX_F at the 240 minute and Daily chart levels. Note, should price trade above the previous w.4 (78.51) at the daily chart level, most likely w.2 circle had terminated and a trader should expect a prolonged rally in which price should eventually trade above 88.8.
I know what your thinking right now.... that is I've lost my mind because QE2 is going to decimate the dollar. However looking at the 240 min chart, notice the capitulation as the Fed announced QE2; also bullish sentiment was just 5% which is 2% lower than the previous reading registered when the Dollar bottomed in late 2009. Nobody wanted to be long the Dollar then either. Furthermore the chart shows that minute w.i circle (not shown) will not be reached until minuette w.(iii), w. (iv) and w.(v) are in place. Therefore I continue to look higher in this market whereas w.(iii) = 1.618 w.(i) at 80.01 being my interimm target. Best of Trading
Best of Trading
No comments:
Post a Comment