
We have finished wave i of C. We are currently in a small wave ii retrace to the Fibonacci target between 881 & 888 before we head back down on wave iii. We will have to see where wave iii takes us, then set a more accurate target for the bottom of Intermediate B which I've previously calculated to be near 846.
I had some concern that this could be the bottom, but I doubt it. I've included a very detailed count of today market in the chart below, and the count seems to fit a correction rather than an impulse wave.

The NYSE closed with the Euro at 1.3875 afterward the Euro tanked but recovered. The chart included below shows a bearish trend, so I'm comfortable on many fronts that the SPX has further downside. Looking at this 4 hour chart I can see the a similar EW position.


Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.
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