Thursday, 15 March 2012

Loonie Revisited

Previous AB = CD pattern with target at 0.9820 is now considdered invalidated with a close above both the 55 Ema and the 38.2 fib. As such focus shifts to an upside target at 1.0057 which would be slightly above the 113.0 Fib extension after  an 88.6//78.6 retracement to 0.9872.

A return back below 0.9872 would again target 0.9820.

Update - Pattern still valid whilst we hold above the 0.9872 low but should we close under the 23.6% Fib at 0.9908 with indicators once more looking a tad soft would expect price to re test the lows.


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