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.

Wednesday, 3 July 2013

AUDUSD

Running a bit behind this morning trying to eek out a count on the overnight action. As far as I can tell, the expanding flat is not happening and we are just finishing another 3 wave leg downhill within the larger contracting diagonal. I'll wait and see what the upside momentum looks like before trying to locate that in the bigger picture. What is throwing me a little is the 100 day low target being a couple of weeks away. Can not see price just continuing to descend into that without a retracement and that is why I thought the expanding flat was on, especially with the 25day FLD (green line and arrow) immediately above. So, I am still holding out for a strong drive up and will re-assess when it gets underway.


Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)