The stock market appears to be unfolding some 4th and 5th waves to complete wave 2. A break below the S&P 1077 level will be a strong indicator that wave 2 is over and wave 3 is underway. And a break beneath 1059 will ultimately confirm it.
GBP/USD & EUR/USD
My currency short orders executed in the GBP/USD and the EUR/USD. Unfortunately it did so as the pairs were bottoming in the short term, so I got short at the lows. My GBP/USD entry of 1.5555 is actually the exact low of the day according to GFT. So I'm not too happy about that. However I am happy that it appears that both pairs are tracing out 5 waves down, which means most likely the downtrend has resumed. My stops are wide for now, with the GBP/USD stop at 1.5820 and my EUR/USD stop at 1.3800.
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.
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