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Thursday, July 16, 2009

The Euro has broke slightly above the top of the triangle bringing into question the validity of this forecast. While it is not what I had hoped to see this morning I think it is still possible and will be watching the Euro as closely as I watch the SPX.

The blue fork appears to be accurately showing the upward channel. It is my hope that the yellow channel will begin to take control.

I realize that the bullish scenarios that most others are presenting have a great deal of technical weight. I may be wrong, and if so I will be very wrong, but it's how I see it. Remember just a few days ago it looked like there was no way the Bulls were going to pull off a recovery. The market is a fickle beast.

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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