In order for us to be more confident about the current highs holding, we need to start impulsing down in 5 waves. So far, we have just a big messy wave down from yesterday's high. However, the Nasdaq and the Russell did show more weakness today, which may be a good indication since the Nasdaq was leading for most of the way up with stocks like AAPL, AMZN, NFLX, etc etc.
We seem to be turning down from this upper channel line, but like I said above, it is not an impulse. However, breaking below 1150 would be a good start.
1164 remains the key pivot to the upside, I have a feeling we could challenge that tomorrow.
On the daily charts, today looks like an "inside" day. Very low voume with a very small range.
Days like this are typically followed by a continuation of the trend.
The Euro finally tagged the 61.8% fib retracement today. It is also stuck in the middle of my target range.
I expect the Euro to put in some sort of a top here, expect some volatility in the Euro. In turn, I expect the USD to not be too far from its bottom either.
I will update the charts of that day in a few minutes.
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