 |
| S&P 500 Index Hourly |
The Euro chart really bugs me. The successful Greek austerity vote was a sell the news event, but it swiftly rebounded. It's now looking like a symmetrical triangle, which is a continuation pattern that suggests it will break to the upside. We still have a nice channel working that will present a good short-term opportunity to sell when it breaks, but I won't be holding any long-term positions until this sorts itself out. It seems most likely that Greece will be "saved" and the status quo will continue until more countries in the Eurozone periphery are forced to confront their debt problems.
Lending credibility to the triangle pattern is the fact that there was no daily RSI divergence at the 1.49 peak, the deep retracement of the B wave as labeled in the chart below, and the C-wave as labeled below is clearly a three wave pattern.
 |
| EUR/USD Hourly |