Fiber 5.16.2012

Thought we would see a low range day today due to yesterday's big move.  As written earlier we are potentially running out of steam on the bearish move of the last month or so.  Seems like the banks would like to go down and tag the January low of 1.2624 before moving up.

We are still in a sell program working off the fractal made May 1st.

Way oversold on the monthly and weekly trinity.  The 261 fib level is possible on the weekly and is within 16 pips of the 2624 level.

So, in general let's look for this during Thursday's London open.  Judas above the Asian range low.  Hopefully in the pivot sell zone.  Move down and OTE to form.  SMT divergence, USDx divergence and hopefully Type II divergence and A/D divergence.

I'll update later on some possible prices to look for on the Judas up based on where we end today's trading and Asian range etc.

Skipping the cable as I am still looking for shorts and the fiber is a better candidate.  Also will skip the aussie and kiwi for now with the thinking that the fiber gives us our best chance for profit.