Euro now in the resistance zone!

The Eur/Usd is now in the resistance zone and stops on any longs should be incremented to gaurantee profits! It could poke higher but better to book the real profits than hope for higher prices. The market isn't going anywhere!!!!!!!

S&P Overlap

The S&P and Es's have overlapping structure! Two scenarios can unfold at this point. We are either still tracing out a larger corrective structure or the correction is over! A secondary higher low on the Es's and cash index could offer a nice buying opportunity for a swing trade. The broken channel is typical for a 4th wave correction. If we remain above the 1227.08 level the S&P will make a new high!

ES Futures Active Fibs

We are at an important level in the ES's. If we breach the 1292.50 level in the active session it would portend that this correction is over. If it fails it leaves the downside open. We are now at a 1:1 Fib ratio as seen on the blue Fib.

Euro's active Fibs

The previously posted fibs are still active along with range to be aware of. Small overnight counter trend move made a perfect 1:1 corrective structure so the upward targets may be reached early in the NY session.

Euro's active Fibonacci projections

Euro is moving into resistance and could be setting up for a corrective wave. The 1.4220 - 1.4240 area looks ripe. Awaiting a secondary lower high to form is the less risky entry if going short. Remember that this will only be a correction then the trend will resume.