Daily Elliott Wave Count For $ Swiss, Oct. 12th, 2010

Daily Elliott Wave Count for $ Swiss, Oct. 12th, 2010

by

Don Haines

The minor upside correction appears to have failed below the ideal 98.25 target but none-the-less leaves the Dollar in position to extend the decline to the next 93.45 and 92.20 targets. Notice how the decline has been finding short term support at the channel mid-point with a 20 pips per day slope. This suggests the market will again find 94.50-70 support on a break to new lows over the next 24 to 48 hours before another minor correction. However, the strategy remains to sell these reactions for at least 93.45 and eventaully the 92.20 target before the threat of a more serious fourth wave upside correction. Only a rally at this point over 1.0060 would threaten an early reversal. Please see all our forecasts on 10 currencies from hourly, to daily and weekly charts at www.marketvisiontv.com or www.cap-man.com

Don Haines is a Director of

marketvisiontv.com

and President of Capital Techniques and has 25 years of experience forecasting Forex and Financial Markets for major banks and financial institutions. This analysis combines several technical analysis disciplines ranging from basic bar charting and pattern recognition through Elliott Wave Analysis.

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