Friday, July 1, 2011
Stocks Should Get to New HIghs on the Year Soon; Euro Faltering
Although it it's a little late to get bullish here at these levels, it does seem the path of least resistance right now is up. I'd be bullish, or on the sidelines.
Learn Elliott Wave Principle
The euro might be running into trouble here. It tends to follow stocks, more or less, and despite todays big rally in stocks, the euro is struggling. In fact, it appears to be establishing a head and shoulders top with the right shoulder falling short of the the left shoulder's level, suggesting a lot of internal weakness. When you combine that with the diverging RSI you have the potential for the euro to slide soon. I'm bearish the euro here against this week's high.
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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.