Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-Price dropped below 1.3500 and reversed after the release of the Fed minutes on 10/9. The decline is contained by a corrective channel (3 waves) to this point, which leaves the door open to additional gains (as long as above 1.3485).
Trading Strategy: Market is stuck between a rock and a hard place. Response at 1.3640 (2/1 close) combined with COT (most long since May 2011) points to formation of a larger top but drop from the top consists of roughly 2 equal waves and channel in a corrective manner. When in doubt stay out.
LEVELS: 1.3450 1.34851.3519 | 1.3577 1.3617 1.3645