Near term, a small 4th wave correction may be complete. Additional resistance would be at 14250. Staying below 14334 keeps the trend pointed lower. Keep in mind the alternate labeling, which is decidedly more bearish. Under the alt., the near term advance would be a smaller 2nd wave and the next drop would be a third of a third, which would probably reach the mid 13000s quickly next week. An extended fifth wave is also possible. My point is to refrain from taking profit on a drop to a new low.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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