Monday, May 23, 2011
Stocks Slump; Euro Falls
Internals were very bearish today with down volume well exceeding up volume and advancers vs decliners on the NYSE and S&P heavily negative. But total volume on the NYSE was quite light at only 865 million shares. In the bigger picture, the internal structure of the decline over the past several weeks feels corrective. But that doesn't mean it can't continue lower in the short term.
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Last Wednesday I put forth an impulsive count with a flat correction to unfold before the resumption of the downtrend (click here for count). The market has fulfilled the forecast so far, and in doing so it has given me confidence in my wave count labeling here. Expect the euro to continue lower, and the US dollar to rise for the foresable future.
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.