DislikedGood day to you,
Long time..
I believe EU is now "officially" on a little leg up. Still testing this indicator I threw together. It is an attempt to capture longer term swings. The current little high there @ 1.2800 may get broken in the not too distant future.
That is the target for now...
All the bestIgnored
Nice to see you back Mr. Tau. You don't grace us with your company often enough.
I remain bearish, but as usual in a corrective swing I have the witch of doubt whispering in my ear. I hope to see price stay below 2800, but the silly weenies that are distracted by the dog and pony show of the fake cliff may take that figure out. It never ceases to amaze me the stupidity of the markets.... Then of course there is the danger of a knee jerk pop through the figure on some Greek news even though we should all know that it is a fait accompli...
Looking at my charts like a chess player and trying to see a few moves ahead.... If 2800 is taken out, I think the stops that are stuck in the obvious place... just behind the 200 DMA 2808ish today will get run to clear the weak hands out.....
Then price should catch 2825/30. 2825 is strong resistance from prior lows, 2830 would be a measured target from one Elliott count that would exist at that time.
I prefer 2800 to hold, as that holds together the bearish count I am working from right now..... but exceeding 2800 only breaks the current count, and the alternate count is also bearish...
To get a bullish count one would have to call the whole move off 3173 a correction that probably ended in a wave C at 2661, and a new bullish phase should take hold and carry us higher than 3173 and that just does not line up with other markets.... it is diametrically opposed to everything the S&P500 etc broad equity indexes are telling us for example.
Therefor any upside silly news pops, and silly wall street weenies causing an equity rally while being distracted by the fake cliff psuedo-news is a correction during of a larger down move.
I believe on a Daily basis we are only in wave 3 of a five wave decline..... and have some pips to go before wave 3 down is put to bed.... to be followed eventually by wave 5 even lower....