Does he tell how this prospective drop will correspond to the
movement of the $USD? 80.50 -81.00 is a resistance, and it needs to
be breached in order for his scenario to play out. That's the only
unanswered question for me, other his indicators support the
move.
McHugh believes that the $USD will bounce back to the shelf at
$81-$82 area and then a sharp plunge should occur. He shows
that plunge to be Wave 3 of 5 down. (I'm exerpting from his
weekly market forecast from his weekly chart.)
Does he tell how this
McHugh excerpt (2:09 p.m.)
Posted by junkie on 8th of Feb 2010 at 03:51 pm
Does he tell how this prospective drop will correspond to the movement of the $USD? 80.50 -81.00 is a resistance, and it needs to be breached in order for his scenario to play out. That's the only unanswered question for me, other his indicators support the move.
McHugh believes that the $USD
Posted by Peridot on 8th of Feb 2010 at 04:12 pm
McHugh believes that the $USD will bounce back to the shelf at $81-$82 area and then a sharp plunge should occur. He shows that plunge to be Wave 3 of 5 down. (I'm exerpting from his weekly market forecast from his weekly chart.)
Unless I misunderstand something obvious,
Posted by junkie on 8th of Feb 2010 at 04:19 pm
Unless I misunderstand something obvious, a sharp plunge in wave 3 down would be bullish for the markets, not bearish. Right?