We were stopped out of our second trade in row for a minor 25 point loss last night. To be straightforward, I 'm not feeling very much in synch with this week's market. A 4th wave correction, such as we are in now, is often the most difficult trading environment.  Unfortunately, my prediction for a choppy and prolonged wave 4 has come true, making December's market a bit more difficult to maneuver than November's. But considering how much action there is in the last few days of December, historically speaking, a 5th wave to new highs is by no means out of the question.

But before new highs are made, a major decision point will come in at 1.3240. If we fail at 1.3240, then a C wave should unfold brining us down to the end of this 4th wave correction at 1.3000. Then, a holiday partying 5th should bring us back above the 1.3360 highs. Or, if we muscle through the parallel channel at 1.3240, we will know the correction is already over and we're in a 5th aiming for the same 1.3360 highs. Back tonight with an update.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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