Thursday, May 6, 2010

Pre-Market Update 6 May 2010

The ES is a tad lower at the moment and may be forming a triangle in the fourth wave position (possibly already finished).

If 1155 breaks, wave 5 should be underway.

Although the USD rallied on and made new highs overnight a bigger move we saw in the EUR/CHF (swiss franc).

This morning the SNB (Swiss National Bank) decided to stop buying the EUR at 1.43 and the currency pair immediately crashed: