Update for: 2011-08-08 - 2011-08-14
Posted on: Saturday, 06 August 2011 15:32
Short-Term Trend: sideways
Outlook: The decline last week remained corrective and that helps us with the wave structure. Since all the moves from the May top are corrective and are almost equal in terms of time, the most likely structure for this move is a Diametric formation. If correct, a rally is due soon to new highs abv 1.5000. A move abv 1.4535 will be a strong sign that such a rally is already under way.
On the downside, a move below 1.4045 will not necessarily negate the presented pattern, but a move twd 1.3720 will become likely in this case....
Strategy: Longs favorable on break of 1.4540. Stop=150 pts. Target=1.5040.
Next Update: Wed, 08/10/2011, 09:00 - 10:00 CET
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