Wednesday, May 16, 2012
S&P and Euro Updated
I don't have confidence in the short term count in labeling waves i and ii. It suggests a flat correction for a second wave which is very rare. Also, wave C (not shown) finishing wave ii was a diagonal that was truncated. This is also unlikely. But I see no better way to label it at the moment. I'm concerned I might be trying to shove a round peg in a square hole here. But regardless of the little EWP nuances for wave i and ii, the overall price action suggests that larger trend remains down for the short term. So I would be selling into strength with a stop just above 1415.32.
Learn Elliott Wave Principle (EWP)
The euro is respecting this Jedi Knight and is doing exact what I say. The forecast continues to call for further selling toward 1.2600, and probably much much further after that. I'm staying short!
The Manic-Depressive Stock Market: What to Make of It
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.