This is going to be the final update for this week as I am heading to my oldest son's graduation from college in Charleston, South Carolina tommorrow. One down, two to go. I will continue with the updates on Monday. Fantastic luck all
I changed the format of these charts to more printer friendly colors. Let me know if this doesn't suit. The dashed lines are the levels.
UPDATED 5/8 18:00(EST) Asian Session
2 percent Deviation - 1.5608
1 percent Deviation - 1.5535
Longest Line - 1.5462
-1 percent Deviation - 1.5389
-2 percent Deviation - 1.5316
Curve Construction Bias- BULLISH with Unbalanced top
Review
The expected move up in price occurred today. Our curve proceeds to follow expectations. The market gave several opportunities to set longs today as much as the highs because we are eventually anticipating.
You'll notice that the levels didn't change , this can be becuase we built value within the value region and the curve is stablilizing.
We built value near the -2% buying degree at 5316 and moved up through the current -1% level of 1.5389. At this point the market is building worth in this degree and probably to generate a move up to test the maximum line resistance area in 1.5462. If we do not make it through this level, price could go back to the 1.5389 degree or a bit below to keep on balancing this region, before making a run to the top zones.
If you're long stay long. There's no reason.
I'd only be setting longs now. Aggressive traders can set shorts in 1.5462 if it holds for a return to 1.5365 area.
Look to set new longs at 1.5389 or better and target the upper zones of this curve.
Our topside remains unbalanced at this time and I continue to anticipate price to develop this region more fully. Likely a run around 1.57/1.58 in forthcoming sessions.
Any move under the -2% area of 1.5316 that settles here and I'd exit longs and look to prepare shorts onto a move back around 1.5316.
Http://www.morrisfunds.com/storage/f...D 5.9.2008.PNG