As mentioned last friday drop to 61.8% level likely coming in my eur-usd chart posted on last week. It came immediately with drop of 100 pips, then bottomed there at 1.3200 with Asian opening (61.8%). Offered 80 pips bounce and right now it retraces this last upside movement at 1.3245 (50% for it, at least it should offer short bounce again.)
1.3150 is my priority target for start of the new week with Eur-Usd working for, but I trade every EW subminuettes away from there I can recognice. There´s too many good patterns to trade in this market, not to forget mention cabel-usd huge size HS.
Below is some stockcharts I made during the weekend, so you might get an idea what kind of abyss I am expecting after this corrective wave is over. Final bottom I am expecting in this market to be placed late on next summer or early of autumn 2009.
Next 3-4 weeks we likely work more upstairs. With smaller timeframe, I do expect SPX to test bottom at 750-770 area before we go any upstairs – this could be this week subject.
Enjoy your week!