EURUSD 9.40am

Still waiting for a turnover of the My-Wave but we have a little traction this morning, but only a small bounce thus far, combined with positive divergence on the MACD and an SMI cross over. Update of the 'lines in the sky' targets in this chart provide a moving grid that I am working with (work in progress, as always!) I am looking for a move to purple 16 or green 32 initially, so that I can see what the wave action/psychology is like on arrival and to provide an entry long or short from there. Of course, price may just keep falling forever, but I'll wait. Time to look at the longer term tides and see how the 2monthly has now been tagged above the 38.2% retracement zone for now. The MACD's look downcast but a spring up in price will pull the shorter term study through the longer one. Note the Bollinger bands being pushed hard here - is this a trend now downhill or not.....lets see what happens at the 'line in the sky' purple 16!