Here we are Wednesday (17 feb 2010) morning at roughly the beginning of the main European session. We saw price rally through out yesterday's PM trading and we reached a classic point on the roof of the wave/hump/mountain. I have circled yesterdays high and the swing low which hangs down bisecting the wave.This was v. near the 50% fib retracement. Trading the reaction after a wave formation is a classic trade & had i had multiple lots i would have taken partial profits. Price fell after running out of energy and found support on our monthly FTpivot support 1 and on the lower B-B and 60 SMA. Today we need to take out yesterdays high and continue to make higher highs and lower lows. My profit stop remains at .8693. Now we will see what direction price is going.
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