Market Direction and Stock Trends

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Euro June Close
By Marty Armstrong | June 29, 2017

The Euro has rallied up to test both the Monthly Breakout Line standing at 11484 and the weekly Bullish Reversal at 11428. Clearly a closing above 11428 will signal that we should expect a further rally perhaps topping the week of July 10th. We have another Weekly Bullish at 11460 followed by 11694.

AT this point, only a collapse back to close below 11327 tomorrow would provide a real sell signal. The next real Monthly Bullish stand at 12570 and 12885 level, which tends to align with the Downtrend Line. Normally, we would expect 3 tests of the Downtrend Line, which so far has been only two. A closing above 11366 tomorrow will put us on notice that we should expect top see a July high. If we can break through 11700 level, then a test of the Downtrend Line becomes reasonable in some sort of a panic fashion.

We still have June and July as back-to-back Directional Changes. So a closing above 11366 tomorrow implies a rally into July. Keep in mind we have a Panic Cycle in October and an important turning point in November. On the Weekly Level, we have three Directional Changes all back-to-back 07/03, 07/10, and 07/17. A Panic Cycles comes into play the week of 08/07.

As always, the further we swing in a counter direction to trend, the great the swing back in the opposite direction. We still see 2018 as the start of the Monetary Crisis. So whatever we achieve in 2018 should be followed by the opposite direction into 2020.

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