Tuesday, May 18, 2010

Intraday Update 18 May 2010

The ES broke out of a rising wedge earlier and has been selling off since then.

Also the EUR/USD started to sell off again after it'd broken support.

No EW count at the moment. We're either in ii down of [iii] up or in one of the bearish possibilities.

As this doesn't help at all daytrading remains first choice...


I compared the current move with the one from Jan 2010 yesterday. The candles at the bottom will look very similar if we close near the low of the day. But we shouldn't drop below yesterday's low:

Edit 2: Germany announced to ban naked short selling: http://www.zerohedge.com/article/germany-ban-short-selling-midnight

EUR/USD keeps selling off and is already back near yesterday's lows.