Monday, June 7, 2010
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Edited by Glenn Neely President NEoWave, Inc.
EURO
Information contained herein is believed to be reliable, but the publisher cannot be held liable for errors or omissions. No specific advice can be construed from the following. The reader is solely responsible for all action taken.
Symbol EC or FXE
DAILY Plot (released mid-day on M-W-F)
HOURLY Trades (for Futures markets) This morning, the Euro dropped to a new low for the year. As long as the Euro remains above wave-2’s low a Terminal could still be forming for wave-4. The crucial ingredient missing is a sizeable rally to confirm the worst of wave-C is over. That will take a rally larger than any since wave-B topped in October of 2009. Stay Long. Current STOP: 1.1750 Jun. Current Risk: 2% (optional trade) DAILY Trades (for Futures markets) Based on structure, the only way the Euro can drop this much, and still be in wave-4, is if wave-C is experiencing NEoWave “Supplemental Price” action. That means downside is extremely limited the rest of this week and that a large rally must begin in the near future. Therefore, let’s go Long at-themarket (currently at 1.1965 Sep.) with a stop at 1.1644. Risk 1% of capital. Current STOP: Current Risk: WEEKLY Trades (for the FXE ETF)
Current EURO Positions
NEELY RIVER Trend
Hourly Optional Long @ 1.2245 Jun. Futures Initial Stop, 1.1750 Jun. / Initial Risk, 2%
Hourly BULLISH Futures Perspective may Change at 1.1750 Jun.
Daily PENDING Futures
Daily BULLISH Futures Perspective may Change at 1.1644 Jun.
Weekly ETF
Weekly ETF
BULLISH Perspective may Change at 114.44 FXE
According to presented structure, wave-4’s low must remain above wave2’s low. For that reason, the cash market cannot drop below 1.160 at anytime the rest of this year. If it does, the count we’ve been depending on for a long while will require substantial revision. Until proven wrong, we must assume a large rally is pending. Current STOP: Current Risk:
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