I'm currently listing the pair as in wave (iv) of blue circle v of purple 5.
As you can tell by the count, we are approaching a major top. For those not familiar with five waves are in the direction of that trend. According to the count above, we are approaching the ending wave at multiple degrees of trend.
Our 60 minute chart from yesterday suggests we may get one or two more shots higher. Wave relationships show up near 126-128. Shorter term traders may be able to catch another move higher. If that move takes place, a trader will need to be quite nimble.
Feel free to share your chart here...even if different. I'm always open to where/how I could be wrong.
One fairly consistent them I'm seeing is that there is a fairly stout expectation for a rate hike in the July-September range from the Fed. This means there is a high standard for Yellen to hit on today or we risk a 'surprise' wait and see.
I'm with you...I doubt they'll do anything. With that said, they have a huge green light from the market and if they don't go on green now, when will they ever hike?
The SSI reading has been fairly tame through this up trend. I would suspect a deep correction will drive people to buy the downtrend which may add more fuel to the downside as they become a future pool of sellers.