EURUSD 10.30pm

Can not ignore those stock market drops! Having said that the EURUSD still seems to be making an upward stab and where it will get to, is my concern, not its correlation with equities. Price action seemed to pop out of a triangle earlier today and fall back in what should be a correction, as that looked like 5 waves up. As such, D2 has still not been cleared convincingly, using the D1 trough already to consolidate, nor the grid perimeters & Gann calc line at 1.2736. Price had approached the 1.2803 low of the first leg down from 1.3171, also T7, and got sold off quite abruptly but thus far without follow through. Key here is the removal of the option of a 5th wave down (if 3 is actually complete) and confirmation that we are going up again. We could of course still get another leg down in the proposed 'C' wave which would need a higher break past 1.2878 to outwit. It is no surprise perhaps that D7 is still in play too and the main plank of my 'another leg up thesis' is the beating of this and a move back to D9. So, in the interim, I am going with the simplest explanation and that is we are waiting for T4 to turn up with price and the daily My-Wave are above T4 and in an upward formation (for now!)