Euro Declining Impulsively

Nothing new to report on the market since it essentially did nothing today, and still appears poised to continue its weak upward chop for now.  Until the uptrend is broken with a decline beneath 1159.71 in the S&P (for starters), then I have to conclude the market is poised to continue higher.  It's possible the bears will remain on the sidelines until sometime after the elections and Fed meeting early November, but we need to still be vigilant as a major top can occur at any time.

Bob Prechter's New Report: The Next Major Disaster Developing for Bond Holders




Elliott Wave Forex

To continue with my euro count from yesterday, it has subdivided lower in an impulsive manner into today's US session.  The previous decline from the high at 1.4159 was in 3 waves so it makes me suspicious of the implications these current 5 wave declines bring to us.  But as long as they continue to unfold impulsively downward, I want to be bearish in the short term.  It may be tracing out a large triangle which would leave us with a series of 3 wave moves up and down that subdivide into impulsive waves like we see above, but we still need to see more action to put that at a higher probability.  Right now, 1.3981 remains the key level for the bears to hold.

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.