Thursday, December 18, 2008
Brief Correction Possible, Then Rally to New Highs; Dec. 18, 2008
Above is a 15min chart of the S&P and I posted a possible wave count unfolding. It has us in a small wave 4 down and once complete we should shoot up towards 950. If this count is correct, this current decline should not go below 885, which is the wave 1 peak. Doing so would violate one of EW's rules.
The EUR/USD seems to have broken down and should be in a corrective phase down. Gold is falling with it.