i made a little comment about that also. but then looked at a few other things on other pairs.. and did find conflicting signals. i believe this pair is being lead by other forces.. the trend is up the lower wicks concur. so we will see.. will we have a major spike to the next level.. it may be in the cards. but i will short it as oil follows. at each level i precieve to be a level. and if it happens i believe it will just be a wick like the others to the left from july and dec. 2008..
Gator, I often agree with you. Regarding the oil: Let's disregard gold for the time being,
I think the oil is THE most important indicator we have to gauge this right now.
Oil at 82 is the MAMA. 85 or 86 would knock every thing loose, so that should not happen right now.
Last year we got a crude market collapse just in time for the holidays.
This year, we might not be so lucky, but I also could not see them ramming it upto 100
or some ridiculous number just to destroy the economy of every developed nation
that depends on the last 12 weeks of the year for their retail sales.
USA especially, since the economy is more than 70% consumer driven.
Like some here have said it better than me, we ain't going anywhere right now,
so euro traders, scalp yer asses off
. It's a buffet: all you can scalp for $1.49 (plus tax).
