2/3/11 - EOD Update [9:13 PM Update]

[9:13 PM Update]


The top of the channel tomorrow sits at 1326. Daily MACD is about to cross up through it's signal line.

DX

DX may be hinting at a pullback for the market though as a daily MACD cross may be setting up.

EUR/USD

Is wave 'a' complete? So far rejected at the Fib fan. Perhaps a drop to the lower Fib fan for 'b'? MACD is turning down.

EOD Update


I' gonna make a bullish call here with this count. I believe this may be what is setting up here.

MACD from 15 min - Daily is looking pretty bullish.

There are a total of three options I'm looking for tomorrow:

1. A gap up and go for wave 3 of 5
2. A wave b pullback for 3 of the 5th ED
3. A pullback for wave c of 2 of 5.

Here's a break down of the above view with the alternate that a deeper wave 2 retrace may be in store before pushing higher in a wave 3 of 5.

If a wave 2 down needs further retracing, I'll be watching the Fib levels and the gap below.

ED Option

Not too much faith in this option but we must be mindful of it's potential.