Wednesday, August 26, 2009

It's getting exciting

As mentioned in the last EUR/USD post a downwave to about 1.42 should follow. At the moment we are in this very downwave and almost hit 1.42 today. So far, the downwave doesn't look completed, neither for the bullish nor the bearish count, thus I expect at least one more wave down tomorrow.

Primary Count: currently in iii of (i) of [iii] of 1. Target for [iii] at 1.37ish.

Alternative: about to finish wave (ii); (iii) would follow to new highs soon.

...and a beautiful H&S:


a short SPX Update:

Primary count: currently in [4] of C of (Y) of [B]/[2]. Thus one last upwave to complete this bear market rally.

Alternative count: in (iv) of [i] of C of (Y) of [B]/[2]. In this case a top in the second half of September at 1120ish would be likely.