Thursday, May 08, 2008

EURO Futures SWING Chart: 3 Leg Bull Break Has Just Occurred.

My EURO Futures SWING Chart above...
PRICE just made a PRIME Lower Low (last Fri's Low was $1.5329 and PRICE is currently at $1.5311), effectively creating 3 Legs of the Bull Break, changing it into a BEAR TREND.
However, on a POSITION Chart basis, the EURO is still on an uptrend and the current down move is merely for PRICE to head back down to challenge last PRIME Support, created in Dec 2008. In fact, PRICE is already in PRIME, on the POSITION Chart, so don't be surprised if this BEAR TREND on the SWING Chart is short-lived, and gets reversed any time soon.

2 comments:

Financial Journalist said...

I think we are going to see more USD weakening next week.

And the best way to tap on USD weakness is to buy gold ETF.

Historically there is a positive correlation relationship of 0.90 for gold and crude oil, but this relationship is out of whack, and due to adjust. Despite gold has been rising sharply for the past 2 days, there is a lot of catching up to do.

gerimegaly said...

On my EURO Futures POSITION Chart, PRICE is still very much on an uptrend. In fact, Leg 1 of Bear Break has just occured on Fri, on the SWING Chart, bearly (excuse the pun - hehehe) giving enough time for the Bear TREND to take effect - look at my latest post for details of the chart.