It is a Friday so I don't want to get too excited about the action today. As always, the way the market closes will be important. Closing on the lows would be a good sign a significant reversal is in place and that the bearish side should be favored for short term players, while a sharp rally into the close getting the indices to even or in the positive would favor the bulls.
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The euro's triangle count is still well on track. EWP states that "e" waves in a triangle are usually the result of a reaction to a news event. Well, we had a poor jobs report this morning and the euro declined a bit, fitting well with the wave ((e)) interpretation I have above. If the above count is correct, Monday should bring a very sharp rally thrust from the triangle to a new high. But a break below wave ((c)), and especially wave ((a)), would negate the triangle and lead to further heavy selling.
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.