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The downward momentum continues as friday’s cs closes further down and had hold on to it’s gains.. and looking at the formation it looks like the downtrend will continue on monday.. if not it’ll make a temporary stop.. and making an inside day formation on monday.. the daily stochastic that i’m using had crossed and is pointing lower…suggesting that a bottom had not yet been found so far..

EW count.. the uptrend from 1.9622 had made a 5 wave pattern (altough it is not prefectly formed) as i mentioned in my earlier daily chart update… the reversal that i’ve been anticipating is under way.. and if tomorrow and tuesday’s cs close lower or around this price then we might see a top is in place for this cycle.. and this is the beginning of a new cycle.. keep your finger crossed for monday and tuesday’s closing price.. because it might signal that we are at the zone where it is consider highest in years and the downtrend is coming…

Technically the weekly chart had ended with a possible reversal candlestick formation.. a dark cloud cover… the weekly cs had opened 1 pips above the previous weeks closing price which is 2.0561.. and had closed below prior weeks cs..  i would be glad if the coming week’s cs manages to go down further..

It’s been a long time since I last write in my blog.. just waiting for the final wave to reverse… and I do think that this is it… the end of a 5 wave sequence which had started from

1.9622 -  1.9781 (wave 1)

1.9781 - 1.9656 (wave 2)

1.9656 - 2.0205 (wave 3)

2.0205 - 2.0055 (wave 4)

2.0055 - 2.0652 (wave 5)

so look for corrective wave or an impulse wave down from now…

Yesterday’s range was small and thus making a doji on my interbankfx daily chart.. this could possibly signalling that the current uptrend is coming to an end… but still have to wait for confirmation of a long bearish candlestick.. but to those willing to take a risk set your entry at yesterday’s bottom which comes at 2.0130 if it breaks we might see a correction.. ABC formation is expected…