Last Friday was a non-trending consolidation day following a breakout trending-up day on Thursday. If we are going to get the next up-leg it should do so on Monday with the next upside target between 2850-2860, and that should be wave 5 up from September 4 swing low.
A gap-up into 2850-2860 area or a gap-up and run-up into the zone could result in a trend reversal, the end of wave 5.
Key Level for Monday is Friday's swing high.
-- Above Friday high implies the next leg up, wave 5, is in progress, targeting 2850-2860 area.
-- Below Friday high implies consolidation is still in progress. Breaking below Friday's swing low target a re-test of 2803 previous resistance, now support.
FT Pivot Levels
R1 = 2833.75
FT Pivot = 2825.50
S1 = 2814.50
BERLIN (Reuters) - Germany's Constitutional Court holds the fate of the euro in its hands when it rules next week on whether a crucial euro zone financial rescue fund can go ahead.
A negative ruling, considered improbable by legal experts, would cast the 17-nation European single currency area into turmoil, spurring panic on bond markets by raising doubt over any more rescues of debt-laden southern states.
A negative ruling, considered improbable by legal experts, would cast the 17-nation European single currency area into turmoil, spurring panic on bond markets by raising doubt over any more rescues of debt-laden southern states.
