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Last nights wave count called for a decline in wave ‘c’
With the initial target set at 21436.
The DOW tumbled 200 points today and reached a low of 21465.
Todays action in EURUSD has again thrown doubt on the very short term wave count.
The price has risen back up towards the resistance at the high
I have labelled the short term action as an impulse wave lower in wave ‘i’ pink,
And an expanded flat correction higher in wave ‘ii’ pink.
On the 6th of June I published a piece called USDJPY on the verge of another big move.
At that time, the Elliott wave count was calling for another big rally in wave [iii] grey.
The low remains my initial focus for a bullish price action signal.
The current wave count still calls for one last drop into the trend line
below to complete the large flat correction.
It will not change a single thing for the future of this market,
And consequently the economy as a whole.
We are in for a long term bear market in stocks and a long term recession in the world economy.
the wave structure is closing out at a major degree,
with only very little room left to the upside to complete.
And a whole lot of empty space below us just begging to be filled!