Note: I always recommend taking advantage of free resources from reliable sources. An Elliott Wave Principle website, WaveTrack, is offering free access to their Elliott Wave Compass report until October 7th, 2012. Take advantage, wavers!
A Two-Bar Pattern that Points to Trade Setups
The euro may be leading stocks slower as the currency's pullback from the 78% fibonacci retracement level has been much larger and pronounced than the pullback in the stock market high. I am short the EUR/USD with a stop just above the 1.3172 high. I will add to my short position on rallies. Stocks should soon follow the euro's descent.
Learn Elliott Wave Principle
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.