The triangle turned out to be an illusion so now I'm hoping we complete wave iv at 924.
I noticed some Fibonacci parallels going back to 11/04/2008 where we peaked at 1007. This point would be our next resistance so drawing Fibonacci ratios from the bottom on 5/28 at 888 to this peak it turns out to have similar Fibonacci values as 923 to 951 on May 4th & 5th. 980 comes up again as well as 933. It may just be coincidence but I found it intriguing.
Rich is back from vacation. He did not miss much but it will be good to see more of his ideas again. Bottom line is we seem to be getting close to making a top.
The Ichimoku charts have turned bearish, but shorter time periods look over sold. I'm hoping we bounce of the bottom of the M30 Kumo.
The EUR/USD is trying to recover from yesterdays losses. It's struggling, but it looks possible. It would work in well with the EW count presented above if it too could get a rally going. I'm still looking for 960 to 980 SPX. A break below 923 would get me concerned, and then I might get on board with a more bearish count.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.