It didn’t take long for price to reach the 100% mark. As stated, a new short position was taken with a standing limit order of $1.4383. At present there is no stop placed, however, a fail safe stop could be placed 200pips over head. Since this is meant to be a longer term position it will get some breathing room for a few days before I set a stop level. If something changes in my orders, I’ll post it ahead of time.
The chart below is the same one as before but, I cleaned the labeling so it may appear to have changed. Even though some labels are different, the outcome and points remain the same.
USD/JPY, GBP/USD, AUD/USD and CAD/USD all have just about reached what I see as turning points. The only problem is that the S&P500 isn’t anywhere near what I had pegged as a good top(1390±6). With one small 5 waves up it could end with a truncated fifth and all would be well. Latest S&P500 4-hour chart here.