Squawk Morning Briefing: Mixed Messages

The Euro has had a sharp move down overnight, and the move is sharp as if we are starting to turn down.   However, the pattern to the upside still counts incomplete, and the move down is still only in three waves.   Therefore, we are reluctant to view the top as in unless we see further evidence.  Equity futures are also down overnight, however the move down since the 27th remains consistent with a correction.  So we will remain patient and flexible here.

While the trend may have changed last week, we see nothing conclusive.  We will continue to allow the overall direction to be up until we see a completed upward corrective pattern and/or a definitive turn down.

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Elliott Squawk delivers thorough market preparation every morning in time to take action during the trading day. By combining up-to-the-minute futures activity with traditional end-of-day analysis from cash indices, you receive analysis based on the latest conditions as the trading day sets to open. Each issue of Elliott Squawk goes beyond traditional Elliott Wave analysis because we recognize that trading Elliott Waves is much more than just looking at the most likely current count. Squawk will prepare traders to assess the market action as it unfolds by answering questions that any Elliott Wave trader should consider:

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