ORIGINAL POST: 9:00 AM
EURUSD running out of steam… Would love to short around 1.2971.
UPDATE: 10:20 AM
Ideal spot for reversal: the .786 and white channel bound at 1463.86.
EURUSD in the final throws — looking for a butterfly completion at the top of the channel in a rising wedge. Should get a reversal between now and 1:00 PM EDT, ideally at 1.2970. Immediate potential to the bottom of the channel — currently around 1.28.
The dollar is similarly working towards a Crab Pattern completion at the lower bound of its channel — while in a falling wedge. Idealized reversal would be at 79.334 between 12-2 PM EDT. Immediate potential to the top of the two channels (small purple and larger red) around 80.06.
Any minute now…
Each of this morning’s targets was reached. Should get some back tests, but the next move is down.
The rising wedge on SPX broke down and it just broke through the support I was worried about — the lower bound of a larger rising wedge (purple.)
I hope everyone was able to make a few bucks this morning. Downside targets coming up in a few minutes…
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