20080910

The uptrend looks like it has been broken. This gives us unpleasant look with triangle formation (altered from the last post):



Similar situation on the WIG20 Index chart:



Of course, until lines are confirmed it can be just false move, however I have drawn potential fails from those formations. We need to wait until the line is confirmed as resistance.

The 1-hour intraday chart (thanks to Stooq) clearly shows the uptrend breakout; however the last low is scratched but still not taken:



The EURPLN (from ChartStation) dropped a bit today, but it's still above the uptrend line:



After such dynamic rally, the correction is unavoidable. We can't tell if the rally will continue, but todays move shows lots of volatility for sure.