cfetrader
Long

FXCM: Upward wedge break

NYSE:FXCM   FXCM INC
75 1 2
A major rising price action is taking place, whereby a descending wedge has been upwardly broken in the process. This move was also heralded by a bullish 3 drives pattern. Some resistance (small due to narrow width) may be encountered at the Ichimoku cloud and any pullback is a buying opportunity (particularly around 8). Primary target is 14, which represents the 1.618 Fibonacci extension of the last falling wave (coinciding also with R4)..
FXCM is rising sharply. Secondary target is 19.32.

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