Overlaid on top of the /ES is the EUR/USD
How long do you think this will last?
The excitement is currently in the EUR/USD. Need I say more? Please feel free to ask if this chart needs explanation. At around 08:37 this morning I posted a chart with a downward forecast fork, notice how much better the placement looks in this next chart..
A possible wave count. I don't want to go further than just this simple chart. I've given up trying to determine the larger Elliott wave counts for now, but as you can see it fits nicely within tomorrows expectation.
This is the SPX with some notation.
Should Price manage to get below this Kumo, the outlook would become Bearish.
My computer was ornery this morning, and our weather required me to go out an tie everything down so that it would still be here tonight, so I'm a bit late with my morning forecast.
So far so the EUR/USD has done what I expected. But taking a look a the wider picture leaves me with a sense of caution. As long as the red fork prevails the bearish forecast stands but should we begin to escape to the other side of the yellow fork I would bail on my shorts.
The /ES shown below is showing a Bullish Bias today. You probably didn't need me to tell you that. The expected limits for this week remain between 1123.1 and 1156.3. Today's expected range is 1131.25 to 1141. The extended range is 1125 to 1143. Curently at 1141 puts us at the expected high for the day.
The Magenta Fork which was drawn last week appears to be a good call. It's possible that this fork will be exceeded but for now it appears to be a solid forecast.
Analysis presented on this Blog has only informational, and educational purpose, and does not represent a proposal for buying or selling currency contracts.