Wednesday, May 26, 2010

AUSUSD 2010-05-26 Live Analysis

(Technical analysis done by Eric Lye in our Forex Trading Blog.  The purpose is to share how we analyze the market and put ourselves on the side of higher probability of things happening.)

Most pairs are forming a base now.  Price likely to go higher before coming down, as illustrated either using ABC corrective wave count or ABCD Harmonic pattern, the possible movement in coming days.  Former counts the wave, latter counts the points. (The drawings is just an estimation, allow the market to tell us what is going to happen and not predict the end points)


















[2010-06-15]  Follow up

Instead of a regular Gartley, a potential Bat or Crab is forming, depending on point D.  In any case, it is not that important.  In order for point D to confirm, we would want to see a clear price reversal pattern.

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