Wednesday, June 23, 2010

EUR/USD RALLY? - SPX E-MINI

EUR/USD

Here's a follow up to this chart I posted on 6/16. So far price has respected the trendline and bounced.

I highlighted a possible inverted head and shoulders in the works. If it follows through, 1.32 may be in the cards. Wave 3 (or c if counting this as corrective) = 1.618*1 (or a) at 1.31.


 SPX E-MINI

Nice channels for the mini. As one can see, there is a nice impulse labeled on the chart with a pullback that has now achieved a 50% retracement. The retracment currently sits at a support level. A break out of the purple channel would be a decent hint that price is climbing back higher.  1102 may provide overhead resistance so that will be a level to watch to see if price will climb higher.

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