Maintain my call for a mid-term correction with a possible duration 4-8 weeks and a probable target 1312.xx. This call subjected to nullification if bulls win 1422.38.
You may like my call 1.3225 for the EUR/USD early Friday when it still was 1.31832:
You also may like my call at 11.02am "SPX rebound target met, EURUSD pullback from 1.3225 Descending Wedge target. It's time to short".
If you shorted there when SPX at 1386.00 and covered near the close at about 1379.00, your gain was 7 points or 0.5%.
I expect that EURUSD might continue its bouncing up after a minor pullback or a consolidation. That in combination with the US upbeat earnings would be extending the support to bulls.
A negative look of the SPX is a bearish flag forming and it is in well agreement with a possibility of a double zigzag formation implying a bearish outlook beyond a week, however a continuous zigzag and ranging within few days.
For the next Monday, I suggest that SPX will move within the support zone [1372.30 -1374.30] and the resistance zone [1386.40 -1389.50].