Although I'll probably regret this as it seems like the dollar is about to soar and the stock market is about to tank, but I can't get the clear 5 wave structure out of my head that the AUD/USD has formed by making new lows last night, including the apparent 4th wave triangle which leads to the thrust we just had to new lows, but also leads to an immediate reversal. So to protect profits on my trades, I closed my AUD/USD position. I originally entered this short trade at 0.9060 and closed it at 0.8945 for a 115 pip profit. My GBP/USD remains open as it just completed a 5 wave decline from yesterday's highs and is about to make a new low which might be the start of a wave 3 so I'm hanging on.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
3 comments:
May be in the highest level they agrree tank the dollar and save the stock market to continue with the story what we are out of the recession and the econmy improves.
For me the market can go to 20000 of the Dow but the economy not want to be better.
Regards.
I'd say you're right Gustavo. The big shots would love that. The govenrment only cares about their rich Wall Street constituents and friends and will inflate our currency as much as possible in order to keep Wall Streeters rich with inflated stock prices while the average public incurs higher costs of goods across the board.
But according to Prechter, it will not work and eventually it will result deflation.
Good!
Todd
With respect to the "fundamentals" of the recovery, I can read in every place what only Spain will not growth in 2010.
My contrarian opinion is what no one in the world will growth in 2010.
How affect this to the markets? Not very much. This could be fall by its own weight.
My Engish is bad I know.
Regards.
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