DislikedI think that you are correct, although I personally doubt it could climb to as high as 244 before the drop. My reasoning for this is the fact that most traders are going to be scaling in as short beginning at 239. This, in my eyes, will create the push downwards way before 244, I personally feel that 241 will be somewhat of a top, as this area is also an area of resistance to begin with. Any thoughts at all?Ignored
I can't see 244 being hit until we revisit 235/234 (my target) - that's where they can collect more bulls to possibly break through 238.80. Now if the bears are smart, they will cause a panic (maybe next week) and scare them all away (i.e. bulls sitting at 235 to 227). Otherwise we could see 244 (and then 247).
I forecast this setup 5 weeks ago. See link (we are at the top of the last green line)
http://www.forexfactory.com/showthre...87#post1560987