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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, 17 December 2013

EURUSD

Been tidying up the charts. Here is an overview.

 The 1wk/2wk FLD trend is bullish but flat in an assumed minor correction. The pink box in the sub chart was the last time we had a momentum nest/low and one is due on the near term horizon of a larger degree than this one appears to be, unless this morphs into that one. The conjunctions of Pluto & Venus with Earth & Sun are due in the New Year and may make for a target top prior to that larger low coming along. Alternatively, it could be the target low but I don't think so given the way in which the 45 degree angles on the square root progression chart keep flowing uphill.

 The 4hr trend (combined SMA & its FLD to form cloud) is bullish and appears to be forming a minor correction within that trend. The momentum study suggests there is more upside to come which fits with the minor/major correction desicussed above. However, it is touch and go as the momentum nesting at this degree (pink box) is due too. One more move up may be enough to move into the bigger decline.
On the 60 min chart, the correction looks incomplete although  I think that there is an expanded flat already in place but a triangle would keep this going a bit longer of course, but also give us the nod that there would be that final thrust. Whilst the 4hr cloud stays in tact, I am trying to lose shorts lower down but attempts to do that without the longs tagging along has failed dismally so far and may have to come for the ride.

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