To the left of the screen, we had a strong impulsive wave ending and since then, a seemingly corrective structure. The length of the drop ending in August 2012 has me counting that as purple 'B' and we are now making our way up in the 'C' leg. Price is sat at the yearly trend line which for sometime has been flat, grinding out a red 'b' in purple 'a'. Turning that yearly trend line up is going to take some thrusts and retests, so I am expecting volatile moves.
The price is now above the monthly trend line and the SMI cluster seems to support the culmination of 'c' legs up to purple 'a'. This is a buying environment for me.
The weekly trend line is angling up now and My-wave is clearly bullish. The SMi cluster looks overbought for now, so I'll be waiting for a pull back into a Gann/pyrapoint line before playing again with this pair. 1.005 looks favourite for now in a flat correction.
Lovely drive up Friday, but want this to collapse down now and reset matters lower.
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