Thursday, May 20, 2010

Elliott Wave Count 20 May 2010


What a day! Down 4%!

There you have the possible counts. I'm not sure whether today was already the third of a third or if it is to come tomorrow. If that was the case we should sell off even more than today.

If wave [iii] finished today though then we should be "near" a bottom. 1040ish could be a possible target for this (C) or [i] wave.

The inverse H&S in the EUR/USD worked quite well. The rally from the low looks only like a correction though, so a drop below the wave b low at 1.23 and we should see new lows.