Mika's Commentaries
Mar
12
2010
Gbp-Jpy,
by Mika
Overall Rating:
Should pause a bit for tomorrow, this run.
For Gbp-Usd it was 61.8% retracement roof for any corrective picture with small timeframe. Below is Gbp-Jpy which is actually good to chart because it´s high standard deviation brings waves more clear while other´s are so complex. Lazy movement means more difficult EW view.
Very choppy market and particular because eudollar have very complex corrective C upwave on the progress. I think it is either under double or triple sideways zigzag pattern (abc-X-abc-X-abc or abc-X-abc) which one day will be finished for ~1.3900 to fulfill IV wave. Then fifth down could come but those flat pattern are long lasting and choppy to develop, something similiar for summer 2009 Usd-Chf chart.
Techstocks are bullish and why shouldn´t they, there is no bear patterns placed for them, none of the QQQQ stock do not have ie. ending diagonals.
Not very ideal market when different degrees and different products / assetts are for several different directions. For instance AudUsd and AudJpy 240 and 60 min charts are bearish while Aud-Usd 15 min chart build today bullish gartley after first drop and very correct one. As inverse case Usd-Jpy 240 min gartley is still bullish which it build week ago. Copper was story of the day.
For harmony traders this gbp-jpy butterfly position is in fact only place where butterfly works, it need to start from IV bottom and end it to V position to work at all meaning to give at least ABC correction. Timeframe used is relative small in the chart, 15 min, it is just zoomed out. Additionally there has been cont. triangle on there also, powerfull pattern have to confess.
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