Mr. Prechter in EW International made a brilliant job when he called all real investors to close all their short position with all equities in the very end of february at SPX 750 because counter risk were far too high. There´s huge waves under control now, even primary or cycle one´s if he´s right. Well, congratulations, that was indeed a a real short postition of 750 points (1500-750 = 750 points profit !!!).
SPX 60 minutes macd seems to be falling after first impulse, likely some more consolidate ahead of us. It´s damn too difficult for me to breake it now, large upside movement could partial of 4C, which would mean that plunge we started in january wasn´ t fifth wave position at all, it was only fifth wave position for last autumn freefall wave3 position. If this is the case we do work with huge size of 4:th upwave. We´ll see if we live, but I have´t saw major collection of bullish diagonals in individual equities – to consider if the bottom was placed at 668 we should have a thousands of them available easily or under progress now.
I really hope Prechter is wrong, because if he´s not we just started cycle or primary (or both)2 upwave, which would practically kills us someday when it ends.
As stockmarket seems to consolidate a bit huge rally, I´ve been trading eur-usd again. It´s relatively much more easy as SPX. As you can see it took fully impulse to major 50% line (1.4700-1.2500) and under correction mode also.
There´s actually a real lot to trade in there if you go to one minute chart; ie. bought today 1.3500 in european market hours as it left big southern doji with one tiny a-b-c movement at 1.3475. Once it rallied 60-80 pips it build later bear diagonal again and in US market hours it took it down with new subminuette impulse or at least first part of it.
38.2% level is going to give reversal also, likely. This is not so agressive setup, just a main direction for me. EurJpy in one minute chart also at perfect shorting zone now at 132.55 level seems to confirm again that 1.3500 is resistance now after it was support earlier today (to short down again after 70 pips rally from the very latest bottom) and I do believe that my oil chart below is going to follow some day.
Once and if these main fib retracements are met as correction in here, then you should take a really good look for stockmarket also, because then we had arrived to the real crossroads where market direction might be confirmed for much longer run.