Wednesday, September 14, 2005
Trading activity has moved into the December contract in the eurocurrency futures so I thought I would show you the daily and hourly charts for the December futures. I've drawn the bear market price boxes and the rally price boxes at the same levels as they were in the September contract. This is my standard practice.
As you can see the market has dropped to the low of its current rally box and almost to the 1/2 point of its bear market box. The September contract hit both these levels. I think the eurocurrency is going to the top of its rally box or even to the top of its bear market box from here. Then the bear market will resume.