Friday, June 10, 2011

6/10/11- Pre Market

Pre Market
1 Min

This is the count I'll be watching this am. Weakness in ES appears to support one more drop to one of the Fib levels below near 1285. This would complete an abc zigzag down off a five wave move up.

1291.16 marks the end of wave 1/a. Should the market bounce and retrace into this level after having only put in three waves down, we will know that the pullback is corrective.

If and once that is determined, we will have to see if one zigzag is enough. This could turn into a double zigzag as well. If so, I would expect an x wave bounce before another three wave abc down which would still target the same Fib levels.


DX

Dollar bounced off that descending channel and MACD is curling up so must keep an eye on this.
EUR/USD

Eur has almost met it's h/s target as well as a 38% retracement. It did fall out of the green channel though in some accelerated selling.

ES

ES is still within it's up channel.

Let's see what folks want to do ahead of the weekend.
blog comments powered by Disqus