Wednesday, December 10, 2008

Two weeks to XMas ! :)

A little more calm, a little more visibility at last. To the point to wonder whether an update today is necessary.

EURUSD is still hovering near the high of its range and will eventually break out on the upside, maybe today, maybe within a few days. There isn't much energy right now, so a pullback to 1.275 is always possible, otherwise €/$ will just creep higher to high 1.31s then within a few weeks (days?) to 1.37

ES completed its Fib expansion pattern and is naturally pausing a little. However, despite lack of energy here as well, there is more and more indication of a testing of 1000 within a few days. Does that mean it will go higher still then ? Well... the market needs more vitamins then. Certainly not visible right now.

ER follows the same pattern and now has 500 in sight.
The bias is up anyway, so let's just sit back and wait until a target comes up automatically from our indicators (yes... getting a little lazy ahead of the festive season... )

Good trading day to all