1106.42 was broken this morning, voiding the downtrend. What's more important is that there has been a clear series of 3 wave drops in the recent decline followed by a clear 5 wave rally on increasing volume. As long as the S&P trades above 1086.02, it's going higher.
GBP/USD
The GBP/USD worked to new lows while the EUR/USD worked to new highs. The reversal candle on the hourly charts at 1.5326 is a good area to lower my stop. So I'm lowering it to 1.5333 on the second half of my position, locking in 57 pips profit since my entry was at 1.5390.
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.
3 comments:
Hello:
Seems to me from tomorrow and today what are deflating the dollar and inflating the markets.
Will see next week if it is confirmed a new bullish market.
The reasons are many how always.
I don't listen anymore:-).
I'm sure the end of the month jossling of positions has something to do with the action, but lately the very end and very beginning of months have been bullish, and the technicals support this bullishness in the short term.
Todd
Yes.
For this reason I don't believe what will be one bear market fast and of big proportions how was forecaste for many.
My personal opinion is what the economy don't go in good way, but bear market of big proportions??Mmmmm.
May be in march of 2074?
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