Replies to post #140111 on Simple's Green Room

[pennies2007]

If we back off of the daily chart a bit, it looks like things are still gonna be wrapping up pretty soon here on UJ. We have the overall 61.8 fib retrace sitting at 115.519 and that's just below a long term prior support level now turned resistance at 116.03.

UJ is very likely to hover until the Fed announcement Wednesday where I strongly suspect it'll just be one of those "buy the rumor, sell the news" deals. A 25 basis point increase has long since been priced in on the dollar rally.

UJ Daily Chart...

[pennies2007]

And here's the UJ 4 hour chart showing the final channel 5th wave progression...it falls right in that area as well.

[pennies2007]

One more view of the UJ 4 hour chart using the original line chart I had set up, including a wedge pattern on the top...it also shows a final topping process with a retest of the broken trend line.