299 target met and a little more. As illustrated in the 60 minute chart, I still favor this as a large ABC correction. In this case, it would be a big, irregular flat or possible running flat. If it's an irregular flat, we should correct back to ard 244. If it's a running flat, mabye only to 270 area. I prefer the 244 area. However, the other alternative is that the first move from 297 to 255 was the correction and this last move up is part of a new and powerful uptrend. For the latter to be true, I would need several days closing above 300. The last few weeks have traced the technical script really well, so I am going to continue to believe what the graphs are telling me; and they are saying it goes down from here. Stop on this would be any close above 300. If you don't believe it, but are short, a close intraday stop would 295.85.
Ill follow up tomorrow with open interest.
60 Min - illustrating the above possibilities. This last wave was pretty impulsive, but no follow through above 3.00, does suggest some weakness.
Real - when i first got to Brazil a year ago, I told everyone we would be testing the 2008 dollar low (Real at 1.5650) and no one believed me. Now everyone is saying 1.45. Technically, this looks like an ending diagonal. It does not mean that it cannot gasp down, as it is doing, I think it's possible that the 1.56 will hold. Watch this over the next few days. A break below 15650 will open up a big area and will be bullish coffee. If not, it will favor my correction.
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