Sunday, July 10, 2011

Channel Watch [5:42 PM Update]

[5:42 PM Update]

ES is down some tonight and something I noticed with the EUR/USD is the breakdown of the MACD trendline.

Previously I presented a triangle count for the EUR, but with the trendline break, this is another count that may be playing out. Targets for wave c blue would be either .618= 1.395 or 1=1.358. That would fit with a touch of the lower channel.

The channel was drawn using the 5/2 - 7/7 highs with a parallel channel off the 3/16 low. Each additional trendline is spaced at 12.5% intervals.

Since there are multiple hits at most of the trendlines I'll be keeping an eye on this channel.

Let's see if the market trends in between the top and the 12.5% channel.

blog comments powered by Disqus