This Elliott Wave blog is dedicated to sharing Fibonacci ratios and other technical analysis for forex signals, index futures signals, options signals, and stock signals. Elliott Wave Principle puts forth that people move in predictive patterns, called waves. Identify the wave counts, and you can predict the market.
Tuesday, August 5, 2008
August 5, 2008; USD/CHF Big Bearish Divergence
The dollar soared last night but not hit my stop loss at 1.0560 and the bearish divergence has really gotten enormous. View the 30 minute chart above and notice that price rallied big yet the MACD and stochastics were making new lows at the times (yellow trendlines on chart). I'm holding short the dollar, I feel the Fed news this morning will result in a dollar selloff.
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