Tuesday, February 16, 2010

Not a Triangle

Price broke out of a level that would have allowed for a triangle pattern. It is obviously a complex correction. At this time, the most likely scenario is a double three that will turn out as a Flat to a zigzag. We won't be able to know till it is over but the overriding trend is still short. Please keep in mind there is an Alt scenario that has bullish potential. I am keeping this as a lesser likely hood due to the dollar strength and weakness of the other dollar crossed pairs.

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