Market Decline Looks Corrective, Look for Higher Levels; Euro Still Correcting

I don't have time for a normal post today but with the weakness in the market today I wanted to at least post something to update the action.  The decline looks like a clear three wave drop suggesting new highs are still on the horizon.  The key levels and trendlines I've been posting are still key for the bears to take out in order for a short position to be considered.  Internals today also don't support a top and new downtrend starting off with only 927 million shares traded on the NYSE, and only a slight bearish bias for decliners and down volume.  Not a convincing case for a major top being in place, so I have to assume the market will continue higher.  I remain on the sidelines.

As for the euro, it appears to still be correcting the previous impulsive move down.  Once the correction is over, the euro should move down hard.

Posting will probably be light this week since I'm on the road.  Good luck all!


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.