1. The EUR/USD daily head and shoulders pattern maintains my focus attention. Whiles Euro debt crisis lingering may send the pair down to support 1,3405 and favor the bear, the bounces (that I think short term) from their sell-off bottom lately may head it up to the resistance 1,3697.
2. My reading of SPX hourly shows that a pennant is in the forming. The bounces will have 2 targets: The 1-st target would be Fib50@1,252.5 and the 2-nd target would be around 1,269 - it's the RL of the pennant. My unreliable/negative view to this pennant forming is that it's time frame looks stretch.
3. Because of unreliable pennant pattern due to stretch time frame, I tend to shift to SPX 15' and read it based on the intra-day price action against Fibonacci and Pivot Points.
My Trading Idea:
Bull can play the bounces, however based on the daily price action last 10 days I think bull'd safer minimize longs exposured overnight.
Bear don't be hurry to short. The bounces may be short in size but long in number (max 3 - I think) and it is unpleasant enough for bear. I will be patient with bear.
UR/USD is approching 1.369 just an inch from the RL 1.3697. No! I definitely don't want to chase this bounce!
Seems that we gonna see a pull-back