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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dennis michael patterson who wrote (33767)	11/19/1999 1:12:00 PM
From: j.o.	Read Replies (1) \| Respond to of 99985

Hi all, enjoying hurricane lenny here...wish you were here <gggg> One note that might be relevant to the current upmove in stocks: The last push has been accompanied by a rising dollar, just as have many in the past. I think that it's important to consider British Pound/USD - BP99Z (on Quote). We made a major bottom at 1.55 on the daily chart, and then rallied up to 1.68. We have now tested for the third time the 50% Fibonacci retracement at the 1.615 level on the downside, and quickly rejected it (see hourly chart). I think that we are now setting up a nice inverse H&S in the hourly chart which would get triggered on a break of 1.628/1.63. This could carry us up to 1.645/1.65 without any problem, which is sure to be met with some selling in US assets. Something worth watching! I'm long from 1.6216, and will hold unless we convincingly take out that 1.615 support. My two cents.... Happy trading! j.o. indextrade.com