Assuming this is a triangle in the Euro, and that we turn back down very soon how does that fit into the pattern of the stock market?
Wave E should should begin soon, taking the Euro down to about 1.3900 which is below yesterdays close. That would be quite bearish for stocks, and would fit nicely with a bottom of Minor B at around 846 SPX by the middle of next week. Then the Euro thrusts out of the triangle, catapulting the SPX into Minor C.
Of course the trust ultimately fails and we find ourselves at the peak of P2.
Now with a little luck that's how it all works. If not I'm afraid the bottom chart will come to past.
Below is a Bullish Alternate Count
Now let's all take a deep breath.
Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.