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Thursday, October 18

18th Oct - View Update

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Markets have recoiled from previous highs, and this could later provide a nice opportunity to go long in both the EURUSD and SPX. What worries me is that mostly the market is filled with "good news" in Europe, while nothing has really been solved. We might get some serious summit disappointment, but that would be an opportunity.

EURUSD: Previous high and the Feb-May 2012 congestion area braking the bulls. As longer term technical targets are much higher, I would prefer to see this as a triangle breakout to the upside.
SPX bull channel holding up well, but here too the previous highs are causing trouble to bulls. Also possible that we will see a horizontal trading range for one more swing. Historically ranges like these do not last much longer than three swings - so the current downswing would probably be the last