Saturday, August 22, 2009

Weekly Report - Aug 24th to 28th '09

Not only we got the expected breakout, but we almost got a move of a full price segment (32 points) in a single day. Prices indeed almost reached 1030 and could still creep higher later on after first settling on these new resistance levels. No retracement in sight.

TF follows a similar path with a 595 target now. Levels are not exactly in sync with ES but this should not significantly affect the overall correlation.

Note that while we might see a continuation of this bull run for a while (maybe over a month), this recovery is still relatively fragile and one could see some serious retracement in 4th quarter (Entropy is way too high)

A quick word on EURUSD: still bullish while on target around 1.43
It could try and aim higher still. We shall try to calculate our targets more accurately next week, but let's say already that we have a looong term objective price around 1.464

( Posted Sat 7:30 AM UK )