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Picking Tops and Bottoms
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Play a Dollar Recovery against the Yen
Thu, Feb 28 2008, 06:04 GMT
by Jamie Saettele
Exit the USDCAD short that we entered last Wednesday for a 300+ pip gain. Although we expect price to come under .9755, the low this morning is close enough at .9759. The new idea is to play a USD recovery against the Yen. The USDJPY has held above 106, which is round number support and a reaction low from earlier in the month.
The entire rally from 104.97 to 108.59 could have completed a larger correction but we subjectively favor a larger rally because of various sentiment measures. A large complex correction may be unfolding with the drop from 108.59 as wave X in a W-X-Y. If this is the case, then price should put in a bottom soon and begin a rally that reaches roughly 110. Be sure to visit the Elliott Wave forum for trading ideas and updates to this pattern.
Published on Thu, Feb 28 2008, 06:42 GMT
Archive
- Euro Rally Likely Before Next Collapse
Published On Thu, Aug 28 2008, 05:48 GMT - AUDUSD Bearish Triangle Opportunity
Published On Wed, Aug 20 2008, 08:16 GMT - GBPUSD Possibilites After Fed Release
Published On Wed, Aug 6 2008, 06:15 GMT - USDCAD: Preparing for a Breakout
Published On Fri, Jul 25 2008, 06:38 GMT - EURUSD: Don't Be Spooked by Volatility
Published On Fri, Jul 18 2008, 06:04 GMT
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