Update for: 2012-08-13 - 2012-08-19
Posted on: Saturday, 11 August 2012 10:18
Short-Term Trend: weak downtrend
The price action last week was in line with the wave count and the expected path of the prices presented on the chart above. The market made a temporary top at 1.2442 and pulled back. Ideally, the decline from last week's top will continue this week and will see a full re-test on the 1.2042 low. From there, we can expect a turn higher as the decline from the May 2012 top is considered to be an Ending Diagonal pattern and there is a notable divergence between the prices and the MACD indicator on the daily chart.
If that plays out that way, I may favor a long position in a week.
Strategy: Stand aside.
Next Update: Sun, 08/19/2012.
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