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3565 will likely tell us....I think IF print that we will run up(maybe I should say work our way) to 3692(E/U)...of course there are some bumps on the way up so...nervous about 3615ish area
Just what I'm thinking now
EDIT: My view is if 3560ish gets bought and runs up to 3600 ish before retracing any it should be good to go up.
I would agree with you. though something is telling me to watch around 3503 now to see if it starts an assault on the highs here.....just a gut feeling...maybe I need some ant-acid...hahaha
Miserably sick today, just now logging on to computer.
Here are my charts. Not feeling well so just one big capture, its easier and faster.
All I can say is in hindsight. The move down this morning before Europe open, followed by the run up at Europe open, is somewhat expected. The rest of the day we bounced between pivots and prior day high, with no clear direction, just purely sideways as everyone gets shaken out.
We're likely to see a bigger directional move tomorrow after today's consolidation, in my opinion. I would assume that move would be a continuation down, simply based on that is where we have been heading for a while now. But trade what you see...
That is why I questioned you earlier. You can't expect things to go straight one direction, most of the time there is a cyclical pattern, retracement, zig zag, whatever you want to call it. It is during those times that most people lose money or make poor decisions.
Today for instance the euro moved 200 ticks from top to bottom just in the pre-London session. In my opinion, you can't expect it to move even more, because the average daily range is just 100-200 ticks for the last 30-60 days.
So instead, you should in fact be well prepared for a retracement when it moves 200 ticks top to bottom.
the downside impulsive waves are complete, the upward correctionals are pending. Where - dunno, seems a little bit muddy to me right now, but that wedge is telling, isn't it.