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Monday, December 25, 2006 11:51:00 PM
Looks like a breif consolidation to me.
I'll start with the overall pattern.
We saw a nice breakout from an ascending triangle.
That breakout level is now our base line support and though the pair might flirt with it.. I doubt it will be broken anytime soon.
From there I look at the stochastics.
What I see there is a false crossover.. a headfake. And not yet into overbought territory. Very likely a continuation.
Next is the RSI.
Still not into overbought territory and rounding back up...
I'm waiting to see where it goes from this latest flag formation before I enter any positions.. but my money is betting up.
I'll start with the overall pattern.
We saw a nice breakout from an ascending triangle.
That breakout level is now our base line support and though the pair might flirt with it.. I doubt it will be broken anytime soon.
From there I look at the stochastics.
What I see there is a false crossover.. a headfake. And not yet into overbought territory. Very likely a continuation.
Next is the RSI.
Still not into overbought territory and rounding back up...
I'm waiting to see where it goes from this latest flag formation before I enter any positions.. but my money is betting up.
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