Wednesday, June 15, 2011
Stocks Working Toward 1250 Support; Euro in 3rd Wave Down
Internals today were solidly bearish. Everyone was a seller today, and all day. Yesterday's rally was a sucker's rally. No capitulation, no bottom. Volume even picked up a bit today after yesterday's big move higher. The bears remain in control.
Below is what I posted this morning:
Learn Elliott Wave Principle
The euro's wave ((ii)) bounce was short lived as a new low was established in today's trading. All signs point to a large sharp move lower being underway in the euro as wave ((iii)) down gets firm control of this pair.
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.