The market is ready to breakout much higher. I would say another 40-50 points to the upside.
S&P 500 is trading in the consolidation area right now. Usually, after it breaks above upward resistance it continues to go in the direction of the trend.
For those of, who are trading currencies, EUR/JPY has just broke from the symmetrical triangle and going higher. My ultimate target is 140.00, so I would suggest to buy at any significant pullback.
As for another currency pair – EUR/USD, I think ~1,4100 would be a an intermediate top. This may also coincide with the intermediate top in S&P 500.
