Wednesday, August 28, 2013

UJ 8_28

Last daily Climax 98.80
Previous was 96.95
Since the Bearish Gartley-- price dropped to last support 96.90 - Then formed a 5 wave LD?
So... A couple of scenarios....
Bearish
 -- Head and shoulders set up forming-- down to support at 94-95
---Also would form a Wolfe Wave (strong 5 wave reversal)  AKA Expanding triangle
---5 waves down would form the C wave needed to complete- and new Highs
--- GBPJPY had a impulsive move down yesterday

Bullish
Failed to reach Support at 96.54
NZDJPY and AUDJPY- counts look Bullish to me
LD Off support 30M (small so could morph into anything)
Corrective wave y was end of b wave (95.81) -- looking for that C of B to test 101-103