Disclaimer

Disclaimer: This blog should be read as a 'whiteboard' of my daily thoughts and ramblings and specifically not, in any way, advice to trade. My interpretation of the works of Gann, Goodman, Fibonacci, Elliott, Hurst et al; is entirely my own and should be read as such. Any opinions, news, research, analyses, prices, or other information contained in this report are provided as general market commentary, and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Tuesday, 11 December 2012

EURUSD: 6.43am

I have banked the longs here. The look and shape of that Daily My-Wave is very ugly indeed and the low order waves are looking keener on the drop. It looks like this might be the 'b' wave up with the 'c' wave to come.
This is the weekly My-Wave from the weekend summary. We are approaching the 50% area and the wave is fighting the 'turn' to the downside, but it is definitely not a 'pinch' keeping the upside tenable here. A 'c' wave down would give us the test of 1.2659 and looks for now like the more likely option given the painful crawl uphill.
That looks like a small 5 waves down on the 4hr chart. Looking for 3 waves back to near R1 with stop above the high there to short. Another day!

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