Thursday, June 30, 2011

6/30/11 - EOD Update

On Tuesday I posted that I believed the market was headed for 1313-1320. Look at where we are today.

Below the daily and 5 min chart presents a strong case for the completion of wave [d] of the triangle.

The final gap up near the close may be an exhaustion gap and with the sharp reversal after the gap leads me to believe that at the minimum, this leg up is complete.

The alternate options are:

1. Wave 3 of c of [d] completed today
2. Wave w of [d] completed today
3. Wave 3 of 1 of Minor 5 in progress

So if wave [e] is in progress, I'm seeing a Fib confluence near 1298 as a possible target.

Unless it breaks out, the Eur/USD looks like it's in a similar situation.
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