D11 was cut to the upside in December 2010 and successfully back-tested in October 2011. Price has been riding a flat looking T11 ever since, taking out D10 in June 2012. This is somewhat poignant, as D10 is a smaller cycle than D11 and was above D11. So although the sequencing is correct in that D11 led to D10 (could have been D12 of course which I do not track but is lower!) this is not necessarily a bullish sign but perhaps tidying up of the stragglers. A retest of D10 now will cut D11 again to the downside, which will put the cat amongst the pigeons.
D6 is late in a bottoming zone now but has still not been cut and just as with EURUSD, D7 is getting into the topping zone with D8 right in the topping zone mix too. If D6 fails, there is a very neat sequence of D7-D9 below now and leaving the D10/D11 duel ahead. Lower than D9 and T11 will have failed too but this looks far enough into the future not to have too worry too much about it for now.
Retaking D1 during the week, led to D2 but D3 is well below now and in a topping formation to add to D8 & D7 in the last chart. This is keeping the price’s move to D6 in a very shallow climb with a break of that trend line & D1 looking like short city to me. If D6 is met or fails short, D5 and D7 (next in the sequence each way ) is well below here. I will be looking for shorts up there and the rewards look good too.
My-Wave is tired with the forcing of lower highs making up all the running rather than price distance. Price keeps treading all over the wave which does not convey momentum. Perhaps a pop to the D6 top will be the outcome here early next week, although it is 90-100 pips away.
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