EURUSD: 6.28am

Good morning everyone. During that Ending Diagonal last week and this, all I kept thinking was "if only we could get a retracement". Well we got one, or perhaps part of one. Rather than worry too much about the 'count' I prefer to acknowledge that the next wave always helps a little bit more, so why not defer the anguish too. The 'D' lines help in that regard.

We are at D1/4 in what looks like a wave 4 & 5 overnight for the leg down yesterday. The Daily My-Wave has stayed in formation and descended to the price, which would enable any move up to start eating away at its bearish integrity, although slow and choppy would be likely be a retracement ('b' wave). Anything spikey that leaps across the My-Wave and maybe the retracement is done. It is a bit too early to confirm D1/4 is beat but certainly causing price to act.

Again, very little pip movement since mid-afternoon yesterday and price action has done a good job thus far of using that blue My-Grid line as resistance. A move up to D3 would see price over the D1/4 (orange line) and into the move up. With D1 cut on the way down, a return to D2 is likely but only if D3 is taken out to the upside. If that is achieved, D5 will have been retaken again and that brings my bigger picture ideas into play from last night - perhaps have a look at those.

The 60min SMI cluster is looking tired here now, which would support any move up. price has managed to tag T6 but not T7, keeping the upside bias alive perhaps, but T4 is looking like it is turning there to the downside. Price however is at the deviation band of the price channel, so a return to T4 would look right at the very least. If price meets it whilst it has begun descending, then maybe time to short again there. For now, playing for up and assess matters along the way. Have a good day everyone and great to see you following along.