Monday, April 12, 2010
S&P Surprises to the Upside; EUR/USD Should Fill Gap Soon
I guess it shouldn't be much of a surprise at this point that the market didn't fall as expected, and has rallied to new highs since my last post. The uptrend has been strong, but perhaps too strong. I still have to beat the same drum in that the S&P is finishing up a 5 wave advance and a pullback to at least 1171 should occur soon.
Above is the 1hr EUR/USD chart which opened yesterday with a huge gap up that has not been filled. I think this pair will fill that gap soon, which is about 100 pips away right now. If one can control risk enough, this would be a good shorting opportunity.
More later this afternoon.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.