USDJPY, 22-27 Feb. 2009

Weekly

The pair is in a clear AB=CD pattern. Seems to be CD leg is done. We should expect a pulback at least to 38.2% of CD Leg, but as per fibzone analisis it can go up to the confluence of 61.8% of CD and 38.2% of AD. Ma`s are showing a bearish trend scenario in this Time frame, and the Trigger will be on Daily TF. Right now price is challenging 38.2 fibfan level of CD. The break of this level is necesary for eventuals longs in smaller TF`s (H4). Recomended Action: In this TF, i will wait for pullback finish in order to enter short in daily.

4 Hours

In this TF Ma`s are favoring a bullish trend. Price is now reacting within 30 and 50 MA´s and could be preparing a rejection from this zone. Recomended Action: Because price rejected from a previous Resistence level @ 94.46 , i will wait for this level to be broken an retested in order to go long. Trades must be made looking for targets located on weekly´s AB=CD pattern CD leg Fib levels @ 96.02, 98.84 and 101.60. -

Citi… it`s enough?

Elliott Wave Counting

Seems to be Elliott Wave counting is complete, as price is unfolding an impulsive wave. Wave 5 is about to end developing a Butterfly Harmonic Pattern, as we can see in the next chart.

Butterfly Harmonic Pattern

Proyections for the CD leg come from FibZone determined from the 216.8 % Fibonacci extension of BC segment, and from 161.8 Fibonacci Extension of XA segment. That give us a minimun expected in 1.73 level. After that, price must break to the upside, looking for new highs and for the establishement of a “brand new” bullish trend. It`s important to remember that the Butterfly Harmonic Pattern is well known as a market reversal point. It`s enough. -

EURUSD Forectast. Feb 15 - 20

Monthly

In the Monthly Time Frame, seems to be price is forming a Butterfly Harmonnic Pattern Butterfly. Is expected price to go down to 61.8 % Fib Retracement of the AD segment.

Weekly

Can be clearly seen the breakdown and retest of the Bullish Trendline that give us the indication of a change in the bullish trend to a bearish one. Moving averages favouring the shorts.

Daily

Look at the daily Trendline in blue, acting as support.

4 Hours

4 Hours triangle.

1 Hour

Entry when triangle broke and retest.