Everyone is salivating over the 200 day moving average on the S&P cash around 1250, including me. But there is a chance, an outside chance, that the index could target 1295 or higher beforehand.
By my read, we completed a small 5th wave on Friday afternoon within a wave 3 down. That leaves a larger 5th wave down still to come, but not before a 4th wave bounce. This 4th wave, if I'm correct, could take us to 1295 but not higher than 1311.43.
My order for a scale out on USDCHF was filled last night at .8455 from my .8337 average. It tanked shortly afterward, so it was a lucky exit. Now if the same pattern could occur with USDCAD, I will take a little off above around par.
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