In expanded flats, wave B of the 3-3-5 pattern terminates beyond the starting level of wave A, and wave C ends more substantially beyond the ending level of wave A http://www.elliottwave.com/club/memb...es/fig1-37.gif
What are about the fundamentals that is driving it up? IS it just short covering that is driving it up in the short term?
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
What are about the fundamentals that is driving it up? IS it just short covering that is driving it up in the short term?
re fundymental , heres a story. i still prefer the pretty pictures myself. and I think Max probably does too, but he is no doubt expected to write something for his clients to read.
Originally Posted by Max
the Aussie’s sharp sell-off was largely due to the fall in raw commodity prices; in contrast, New Zealand’s exports are ‘soft’ commodities (i.e.foodstuffs) and these prices have not declined nearly as much as industrial and precious metals. Thus, the “guilt by association” sell-off in the Kiwi is now being unwound - as demonstrated by its bounce against the AUD in recent days. A further positive for the Kiwi is that the carry-trade crowd may emerge from the woodwork again soon, unable to resist borrowing Yen at 1% and investing in NZD at 8%. And, of course, these days, the forward points on long NZD/short USD are pretty attractive too.
Technically, NZD/USD is undergoing a corrective recovery back toward Resistance around the mid .7200’s
Bookmarks