After a basic ABC retrace, I'm voting for WAY down SG...but I'm kinda biased at this point...LOL! Since the daily ADR has pretty much been met, I expect it to hover back and forth in a consolidation area today and then tank after the daily roll over. I fully expect to see 1.08 or lower before it finds any kind of bottom. That being said, I am prone to taking profits pretty quickly. :-)
Here's the likely scenario on the 15 minute EU chart, SG. It'll probably settle into this channel for the rest of the day and then fall apart out of the bottom later. I'll likely take profits around 1.0850 and then short it again later at the top of the channel.
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