Sorry about my cluttered charts.
Here is a simple chart for more simple traders.
Really I am a simple trader. Why make it complicated?
I knew what that line was for.
I just use Higher Highs Lower Lows
& that reveal zone.
May 15 breaks low through support
If price goes down through the ascending support trend line it could go to the 1.3600 range where 200 EMA will be. Expect bulls there.
If we go through up to 1.4000 or higher expect a sharp downward reaction of bears or some profit taking.
I'm looking for a rollover eventually, some day, for the correction everyone is expecting. I could be a self fulfilling prophecy.
If The Market goes down too far, look for a reason by Obama to blame the Republicans.
A good for Obama reason might be "not supporting Obamacare" or something equally stupid like midterm elections going against the dems.
Long and Short of it is... Long, Short, Long then Short?
Take your pick. we're pretty high up here already but the markets just seem to want to stay propped up here for a while.