Can Rieki non-confirm?
Last week we talked about Rieki challenging the INR Elliott Triangle. The reason Rieki overcame such a high resolution pattern was because Reiki is a time construct unlike Elliott which is a price pattern theory. Though price patterns also derive their structure from time, they are forecasting price formations and not the direction of time. In the weeks ahead we will be building on our Time cases.
Today we have illustrated Rieki charts with prices. This validates the Rieki indicator more. The only gap at this stage is that just like many oscillators, even Rieki can lag and lead. It can non confirm the price action. And this means that though Rieki for EURUSD is pointing lower, it may take a while before EURUSD finally corrects.
Even if Rieki is an efficient tool, we want our readers to be clear that there is no bigger tool than price confirmation. Hence if EURUSD continues to move up above 1.37 levels. Rieki of the intermediate degree has failed to predict a timely turn and we need to see a higher time frame Rieki to understand where EURUSD is headed.
This week we have looked at the Rieki for cross currency pairs together with their respective price structure. The Rieki indicator uses London currency ETF’s. We are looking at shorting AUD, CHF and continuing to be long on INR and CAD.
The non confirmation between EUR and GBP together with Rieki failing to confirm the recent upmove continues to point towards a topping case in both the pairs. JPY has closed the month with a bullish inverted hammer. With Rieki bottoming, we continue to expect the pair to head towards 88 – 89. AUD continued higher with its complex corrective. However with Reiki failing to confirm the new high, we continue to look at a completing structure.
Enjoy the latest Waves Forex.
Jyoti Nangrani, CMT (Chartered Market Technician) from the Market Technicians Association. She has 5 years of experience in Technical Analysis covering Equity and Commodity markets. She holds a Masters diploma in E-Business and is currently pursuing the MS Finance from ICFAI, Hyderabad. She is a Technical Analyst at Finquest Securities Pvt Ltd on the Institutional Desk. She worked as a part of the core strategy team at Tower Capital devising CRM and MIS systems for Debt/Equity and Commodity divisions. She is passionate about Technical Analysis and considers it an extremely valuable skill in current times. Jyoti covers Forex in her weekly columns.
Performance cycles is a term coined by Orpheus Capitals. This is another name for time triads, time arbitrage, time fractals but expressed in terms of relative performance. It’s a bounded oscillator that moves in a range say from 1 to 30. 1 is top relative performance and 30 is worst performance. The idea is that performance is cyclical. A top performer will underperform in future and vice versa. A top relative performer is also the worst value pick and the top relative underperformer is the best value pick.
WAVES.FOREX is a perspective product published TUE and THU. The report highlights the top traded FOREX PAIRS (e.g. Euro, Dollar, Yen, Indian Rupee, Romanian Lei, Swiss Franc and Dollar Index) The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools and sentiment indicators. REUTER RICS: EURRON=, RON=, JPY=, INR=, HUF=, HRK=, GBP=, EURCHF=, CHFRON=, CAD=, =USD, EUR=
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Author: Orpheus | Date: 04 October 2010 | Comments (0)
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