Discussion in 'Technical Analysis' started by MR. FTrader, Mar 28, 2007.

  1. I wake up very early in the morning, and read Wall Street Journal about 30 minutes then I go to internet and read Jamie Saettele who is working as a Technical Currency Analyst for I would like to convey some of his anaylses to this platform. It\'s very useful:

    \"EURUSD – 1.3400 has proven formidable as resistance and there is no change in our outlook. “There is plenty of bearish evidence on the daily. RSI is divergent at the recent high and just declined below 70. CCI is above 100 and a decline below 100 would signal a reversal. Regarding the longer term structure, it is appropriate to treat the entire rally from 1.1640 as a 3 wave correction. There are 7 waves higher – but 7 divides into two 3 wave corrections linked together by an X wave. This is known as a double zigzag correction and is labeled W-X-Y. We are looking lower. It is possible that the rally extends higher but the oscillator action on the daily gives us reason to be skeptical.” That said, the shorter term structure remains bullish due to the 3 wave decline from 1.3413 to 1.3254. This evidence indicates that a rally above 1.3372 eventually leads to a break of 1.3413. Treat 1.3372 as the bullish pivot and 1.354 as the bearish pivot.\"