Thursday, 5 August 2010

11:45 BST - Dollar Update

Following on from my earlier post, here's an update of the 10 min dollar chart:

Dollar index 10 min:

It looks very much like we may see that lower low to complete wave (v) of [c], though today's drop could be a  2nd wave correctcion if we saw 5 waves up from the low marked [X] (a truncated 5th within (v) as discussed in the earlier post) with the new high posted today. If you were inclined to risk a long position here, you'd want to be out below 80.469.

The safest course remains waiting for an impulsive rally that pulls back in 3 waves. Now, we probably want to see any such rally get above the high I have as wave iv, 81.128.