The Mars Market Update — Live Research

GBP/USD reached my sell zone 0.618 retracement of wave (i) decline and where wave c of the expanded flat equals 1.618x wave a... bigger picture short against wave (2) highs. Will look to add on price confirmation...

Euro spiked into my sell zone following NFP report. I am counting this spike higher for a (c) wave of an expanded flat wave 2. See below... This count is wrong at new highs above 1.3345

Well, the bulls dug their hooves in as most global equity markets charged higher.  The broad based buying likely represents the kickoff to wave iii of (v) with a gap & run, trapping anyone still short. This rally from late June has been fueled by overnight buying, featuring open gaps higher with consolidation/digestion during the day session. Last night was no different.  The US$ also featured strong advances against ALL pairs including EUR/GBP/CHF/JPY/AUD. It looks as though the bull...

Pre-open update - given the strength in the pre-market, the immediately bullish option needs to be put on the table. Rather than an ending diagonal, it may be a leading diagonal with a 3rd wave rally dead ahead... Caution for the bears right here. See potential count below... The US equity markets have chopped their way higher since my last update with the DJIA and Nasduck making new highs, not confirmed by the SPX/BKX/DJT/RUT. The Pound has broken down impulsively while the Euro continued to...

Just for the record, that was a terrible trade. Given I was expecting a c wave lower "at best" targeting 1670, risking 9 pts to make 17 (2:1) was a mistake. My trading rule is NEVER take a risk/reward trade with less than 3:1 R/R. Mr Market charges a fee for tuition. Never break your trading rules!

EUR/USD Daily EURUSD 60m  

There are currently 2 competing alternatives for the EUR/USD here... 1 - The high is in for the Euro and this impulsive decline from the high was wave (i) down (black count bearish) - Euro reversed from our target sell zone - GBP/USD has already broken down below trendline support 2 - This impulsive decline was wave c of an expanded flat meaning new highs are directly ahead (red count bullish). - The rise into the high appears to be in 3 waves which highlights caution for the bearish case -...