EURUSD Daily
On the upside above the weekly pivot of 1.31111 we are still now correctly bullish as Mr price is above the 55DMA on the 4hr time frame and kissing the daily with a target break out above 1.3233
I believe on the elwave front we are currently in the 4th wave up. with a 4th wave exit is currently @ 1.3230 .
on the down side a break of 1.3020/60 we should see the decline in to the 5th wave down begin the only thing is wave 4 can still extened up to the 1.40 area which is the june 30 2011 consoldation zone low wave 1 and the 4th wave can not go beyond wave 1
At the moment Supply volume strenght to the downsid is not on the cards not sure what we are waiting for? and Prices have been kept upabove the weekly pivot
Possiably we are still in the accumlation phase setting us up for distrubition
i'll waite for a clear signal with over brought stochastics 1hr and 4hr before attempting a sell. at the moment neutral
o
Comments welcome
:-0
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