Wednesday, July 18, 2012
Stocks Wrapping up Minor 2; Euro Correction Might be Over
Witness the Epic Battle Between Investor Hope and Investor Fear
Elliott Wave International
The EUR/USD has tried very hard to establish an uptrend. And although it has technically done so by definition, i.e. higher highs and higher lows, it is an extremely weak and hard faught uptrend. Every new high has resulted in sharp reversals to the downside. But the most recent attempt at a new high has failed, and another selloff ensued. Unfortunately for the bears, that selloff has not made a new low, which would have solidified that the uptrend was broken. However, the failer to make a new high signals to me that the trend is exhausting. A new low beneath 1.2188 would signal that the larger downtrend has resumed and getting should would be wise in my opinion. I'm even taking little nips at the short side right now.
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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.