I think generally all markets are going to be a bit boring soon.
On the other hand there´s corrective nature waves going down, on the other hand it´s more as a B wave meaning not offering big & explosive impulses. This will create generally sideways market going down very slowly where every deep hit will be reversed & retraced quickly creating zigzags and this correction for SPX 770-800 area might take a real lot of time, perhaps require june also before we´re actually there. Next week might come as rollover week because as far as I scanned NYSE candles with metastock there´s a lot of gravestone dojis, hanging mans etc. “unsure” empire candles. After options expiration market is released again to move, but I see also corrective waves upcoming to the upside even pretty tiny one´s at least in FX department. With this scan I think best timeframe is subminuette waves and everything under. GBP crosses has propably topped allready as most of the other pairs, only one which can create real surprizes is still Eur-Usd, so far it seems to subdive also back to the linear sideways correction mode where it has been for decade allready.
With next 6 weeks view ahead I am slightly bearish with everything until my key products (pairs) starts to hit .618 relations also with 240 minute charts (Eur-Usd has done it allready, but all the others on the zigzag way). But this bearish view is slow one and cannot be compared for 2008 real impulses. However C wave of B should be a bit more actionable as A of B. (However, this view does not stop me at all to work with longs also as far as they´re similiar or smaller as subminuetttes) .
EurJpy crossrate is best tool for me now, I can see clearly from the chart where possiblecorrective upside letter ends as maximum size to terminate bullish scenario. We´re lucky to have this Eur-Usd chart now, that demand a lot of work because of differ so significantly from the others. That (daily) very big triangle brings a bit more exiting moments for it in longer run because it might blows it down at some stage later during the coming summer. Also, I don´t think I have guts to short UsdYen through 50% retracement unless oscillators going to offer at least 5 different timeframe short set.
It´s been hard time for bearish position to wait market rollover for many weeks while pretty much nothing has happened expect SPX seems to find it´s top for this upwave, but another important timeframe wave change might occure during upcoming week. It´s a bit difficult to estimate time ahead with 240 minute charts where each important issues are going to be happen, for UsaCad 1,2005 is propably maximum.
However, I still have long from friday based for those EurJpy charts below, it should be correctibe by nature (upside). Overall I´ve found 1 minute chart to be one of the best tool in this market now even it might sound a bit hardcore.
