In the ES, Minor W4 (red) of Intermediate W5 (purple) appears to have concluded on Monday. Thus Minor W5 is in progress.
In the Minor W5 rally from Monday's low it looks like Minute W1 & W2 (green) are done with Minute W3 quite possibly concluded as well. So we might be on the home stretch - might be - finally!!
There are a a couple of fibonnaci targets that may prove to mark the final conclusion of Inter W5. Inter W1 traveled 125 points and Minor W1 of Inter W5 went 62.75 points. Starting from the Inter W4 low at 1172.25, Inter W5 = Inter W1 at ES 1297.25. Starting from the Minor W4 low of 1258.00, Minor W5 = .618 x Minor W1 at ES 1296.75. So the ES 1297 area could prove to be the upside limit.
10:00 AM CST
Euro looks like it's in Minor Wave C (red) of an irregular flat which started at the lows of Nov 30.
Targets are the area of the Minor Wave A high of 1.3493 from Dec 14, which is right in the area of a .382 retrace of the November sell off, and next would be the .50 retrace at 1.3622.
Hi Al. Thanks for your posts. Dumped out of my EURO shorts yesterday. Took profits on uranium & natural gas today, along with ZSL (silver short). Still shorting gold and long term bonds. Am wondering if wave 5 completes and stocks sell off, will there be a run to bonds, thus hurting the bond shorts?
ReplyDeleteNot necessarily.
ReplyDelete