AUD/CAD

Comment

Comment by Jim on August 14, 2008 at 12:30pm

Don't know who this discussion will be with since no one is here except Adam and me. Anyway, someone has to be the first.

I'm looking at SMA 50,100, 200, 15 minute chart from 8/12 with Stoch, MACD and MFI. I see a pendant with a flat top at .9328 and the bottom sloping upward. The SMAs have all converged. The momentum seems to indicate downward pressure. Money flow is low as are MACD and Stoch. If this was my only chart, I'd expect a breakout short. That's all on the 15 min chart.

Now, looking at the daily chart, we hit a 50% retracement on 8/12. Looks like the conclusion of a perfect Wave 4 which would indicate it will soon be reversing and heading north. That is unless this is an "A" wave and the wave 5 concluded at .9839.

What are your thoughts - class? class? anybody?

Therefore, the question.