May 25, 2013 1:00 pm –
May 25, 2013 3:00 pm
May 25, 2013 3:00 pm –
May 25, 2013 4:30 pm
May 25, 2013 4:00 pm –
May 25, 2013 5:00 pm
The Yen has done it’s little pop down that the last update was looking for and now right in the zone for bounces in wave 4 on the larger timeframes.
The Dollar Index DX looks to be extending out the wave 4 of it’s 5 wave pattern which should be followed by a last run higher into the price targets surrounding 85.00 – 85.50. 86-86.20 loom as strong resistance areas for price to struggle with on the upside. The currencies have been enjoying some volatility and essentially haven’t traveled anywhere in what is typical wave 4 price action. The GBPUSD is about the only one that’s tested lower into it’s …
The Pound is still on track with the proposed structure from the last update on May 12th http://blog.tokyotraders.com/gbpusd-pound-update/ with the Fibonacci retracement levels acting as fairly good targets and support zones for now. The overall picture that the retracement higher is ongoing will depend on the 1.50-1.49 zone holding the downside. A bit of a bounce is developing this early Monday morning and would be looking for the next downside move to preferably target the 61.8% fib and then hold …
The dollar has had a great run up in this 5 wave move which I’ve been counting as the 5th wave of C of B, before the moves down into the C targets over the summer. Short-term there are a couple of ways to count the structure, but both have this upside move more than half done. We’re either looking at the (iii) completed or near to completing. Both counts allow for at least a 4th and 5th wave to …
This is the Yen futures chart, so don’t confuse it with the USD/JPY pair although can obviously be used to help with understanding the pair. Price is right near a couple of measured targets in the triangle breakout and also the extension of the wave 1 off the top which targets 96.68 and the triangle at 96.82. In the case of the USD/JPY the measured targets that I have are at 102.87 and 103.61 with 104.80 at a stretch.
The Pound is often used as an early indicator of trends and as a result I have reservations that the long-term triangle that everyone has been focused on this last year or two is actually finished. It very well could be but it needs to prove it with market action from here, which at present it hasn’t done. If the triangle is still in progress as the monthly chart below shows with the red numbering, then it would gel well …
The Dollar Index solved a couple of problem’s that had been lingering between the counts with yesterday’s strong moves higher to take out the important 83.00 and 83.24 levels in an impulsive move. This eliminates the diagonal count leaving us with two primary counts to work with. For now we’re in an impulsive move higher from the 81.37 low in what I’m counting as being in the (iii) wave of the 5th wave of c of B. There are a …
The much anticipated USD/JPY push through 100 finally occurred in yesterday’s price action with a push this morning right into the target zone from the last update of 101-102 with 100.90-101.20 as the favored target previously. We look to be in wave 5 of this push out of the triangle so we can allow for a little more upside towards 102 but price is now right in the zone for a turn down in what could be a rather strong …
The Dollar has had six straight days of down moves which concurs with what should be the start of a 3rd wave down in C. This should be wave (i)white of 3 (yellow) as you can see on the chart, which is to be followed by a move up in wave (ii). The issue now is to clarify that it’s a wave (ii) and not the start of a large wave (iii) of an even larger degree 3rd wave which …
The dollar was the mover yesterday breaking down under the key 81.74 previous low. This is the sort of action required that I’ve been looking for to start to eliminate the alternate counts. The futures market though, still has a slight hurdle in front of it to clear before we can cry out confidently ‘wave 3 look out below’! – the 81.50 support level. For the alternate count, we’d still be in a flat formation and this would be wave …