17.1 – 2008 Saturday Night
Well, it seems my exit was done pretty good time since 1.3340 was top for the day – well, it was just EW impulse which looked about to be ready. I am postive sure I would short it with my MACD if I would be in the market.
Currency market is bit hazard, you need to be ready to change cource & opinion very quickly if technically something new approvements appears or seems to develop. On the other hand there would be no catastrof happened, it crashed 40 pips and then another touch to the 1.3300 area again followed.
BUT, I think I need to change my view in here for next week based for EW patterns again and we will never see that final end to the 1.3400 for this wave structure.
Firstly, it looks very much as A-B correction after speculated impulse came just as it shoud be and with minimium C wave down to should follow with 5 minute chart, but 15 minutes chart also shows up as expanding bearish triangle and E could be pretty massive. Even with this 5 minute chart below, impulse size is quite a lotfy (at least for me !). I think we might reverse very strongly from here back to bear market, which in generally seems to be related only for banks in stockside. Most tech´s I follow seems still Ok for me – that gracy PALM alone up +38% yesterday, and +10% more today.
Btw. I still have RIMM and ATVI longs and both did Ok today, RIMM up +4% after yesterdays +10% reaction and ATVI wedge should be broken now to the upside with runaway gap, so I expect to see more uproads for both of them. Both of them are techical swings for me. If you know any decent technical swings I am open for new suggestions. My portofolio is very low & empty.
Enjoy your weekend !
Btw. those white fib´s marked in 5 minute chart for traders who prefer more fast setups, temporary reversal areas you should be aware.