I doubt that we got all of the correction so far. One thing that
I learnt from McHugh is that a correction need span at least a 38%
retracement (or it's something else). Secondly, wave 2 is supposed
to give a buy signal for the market to confuse some and to give a
sufficiently high risk-reward for those who play the counter trend.
That means that short correction will not suffice. So, no, higher
prices are yet to come. 1108 would be the minimal target before a
reversal. Patience, please!
The pattern on the dollar supports this current decline to be
followed by another advance in its wave (ii) down on the $USD.
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I doubt that we got
5min triangle
Posted by junkie on 3rd of Feb 2010 at 09:00 pm
I doubt that we got all of the correction so far. One thing that I learnt from McHugh is that a correction need span at least a 38% retracement (or it's something else). Secondly, wave 2 is supposed to give a buy signal for the market to confuse some and to give a sufficiently high risk-reward for those who play the counter trend. That means that short correction will not suffice. So, no, higher prices are yet to come. 1108 would be the minimal target before a reversal. Patience, please!
The pattern on the dollar supports this current decline to be followed by another advance in its wave (ii) down on the $USD.