Monday, August 17, 2009

got our red close : D

Although everything looked a bit messy at the weekend, the market sold off today and closed at the low of the day.

As mentioned in my previous post I expected lower prices on Monday for the bearish and the bullish count. Now it looks like the market is in the last leg either of [c] of B (bullish) or (iii) (bearish).

At the moment I favor the bullish count with a last wave C up to finish this Primary [2] or [B] at the end of September between 1040 and 1120.

But if we get five waves down from the top we must consider that the next big down wave might be underway.

EUR/USD looks good so far. Made new lows today. Thus there is no need for an update ; )