The S&P broke the proposed wave ((i)) at 1294.26 this morning, making it less likely that an impulsive wave down is forming. It's possible a series of 1s and 2s are unfolding, but I usually don't put money on that since it's usually just an excuse wavers use to label a correction as an impulse. But as long as 1332.28 stays intact, it remains possible it's just a series of 1 and 2 waves unfolding. So I'll watch it, but won't trade on it quite yet.
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What do I mean by a series of 1 and 2 waves? Glad you asked. Above is a chart illustrating what I mean. You'll see that there is a 1 and 2 wave at Minute degree labeled ((i)) and ((ii)), and another set of 1 and 2 waves at Minuette degree labeled (i) and (ii). As long as 1332.28 remains intact then this count remains in play.
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To be honest, of both these counts, I'm really not sure which is correct. So I'm neutral here, waiting for more evidence of the medium term trend.
The euro's decline from 1.4281 never looked impulsive to me so I didn't label it as such. In the short term I saw some 5 wave moves so I focused on those only. I know a lot of wavers were labeling this as a 5 wave decline somehow, and perhaps it was because some of the other majors had cleare structures, but to me that's like shoving a round peg in a square hole. Sure you can cram it in there with enough force and cleverness, but it doesn't really belong there. Looks like I was right in that respect, but I was wrong in trying to short based on short term moves. At this point it's quite clear the euro is still correcting higher on the long term count, and a break above 1.4281 should be coming real soon. From there, we can then look for another real top and reversal.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.