The Week Ahead...

Hi All,
So what does the week ahead hold for us. The huge swings on Friday should make the trading for the Monday very interesting as everyone would feel that that would set the tone for the rest of the week. As said and shown clearly in this blog, the crosses have bounced from their fibos and it would be very important to see whether the bounce holds on Monday. The first few hours should tell us whether the bounce would hold or not.

I personally feel that the bounce should hold and the fibos below should act as good supports. But some of the crosses have their next fibo resistances just above the current prices that they are in and so it remains to be seen how soon (and whether) the resistances would be broken. If these resistances are indeed broken, we should be on our next leg up.

I believe that the crash which we saw on Friday was merely a retracement and nervous traders selling off whatever they were holding. The first sign of sure strength would make these traders come running back. But as always, there must be a trigger which should show this sure strength and convince the traders to come back.

All in all, a very interesting week ahead, a week where i still feel that the longs in the crosses would be favored.

Happy Trading!!!