I have rearranged the ITD count a little bit, but as I previously said, MTD is travelling down until around end of December.
ITD 7 low was due at 1.616, and we are travelling to ITD 8 high for about 3-5 days from ITD 7 low. Target price is around 1.66 (see channel line), then we'll go down one more leg to ITD 9 low due around end of December where MTD 8 low will be due too. ITD 9 low likely will be at the bottom of channel line too.
2 comments:
Hi Cmellon, is ITD 8 in an just fallen short of the 1.66 target or is it possible that it could take more than 5 days from the ITD 7 low?
Hi Jared,
Yes, the anticipated rally has been pretty dissapointing due to very strong USD as traders position themselves for a more hawkish FOMC statement tomorrow. However, if the statement fails to deliver a more hawkish tone, we might see USD weakening.
At this point, both possibilities you mention are possible, but for me personally, I don't want to short at this level since MACD and SSI are oversold and show possibilities of rebounding.
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