Replies to post #91398 on Simple's Green Room

[gitonwithit]

I'm convinced after seeing today's action that USD crosses are destined lower for a few days.

[pennies2007]

Make that 1.60 on GU, stargate. That will set it up for the larger daily head and shoulders decline.

[gitonwithit]

This is why I feel the time is now. I feel certain that long term because of the weekly chart we will run to the trendline in the first chart at the .786, it is one fib down from the .854 already established.

In the second chart I drew the fib from the low to the bigger timeframe .786 fib and to me this looks like an extended wave 1. So right here at 1.59 we appear to have the end of wave one. I would think 100~150 pips here would be a reasonable TP.

There is the possibility that we would have two steps down from the upper trendline to .707. In that case the most recent retrace on the 4 hour chart would indicate that we are in wave 3 since that most recent dip on the 4 hour would mark the .50 fib of the entire retrace. (3rd chart) If that be the case then would think higher on all USD crosses. So I added here about 1.59 and going to give it 40 pips leeway in the event it is option 3.