It seems to be 50% correction on the table since entire upleg from the november 2008 bottom, it could offer some reversal, even meaningfull, but I have to confess that entire downleg from (940) january top looks alike very much impulse now also. SPX also made intra doublebottom today. Either way, we´re inside of W5 down or this is still just a part of W4 correction, but EW theory might have difficult times because considering this as part of W4, you would need to fill impulse for B wave – who knows, it´s not first time this would happen, but there´s really danger propability exist now that we just saw impulse wave 1/5 down at so far during january.
Eurodollar market seems to up and down movements with same 50% retracement level (still !) as it behaves current resistancei. It´s doing all kind of zigzag´s charts just below 1.3200, only one overthrow at so far as happened to the 1.3215 which was also 50% retracement from 1.3330 top.
I am afraid this zigzag can be too narrow to leave any position open without monitoring or working just with trailing stops, all which makes sense is to short 1.3210 (50%) and I missed it allready when trying to figure out actual EW path for it.
My best guess is that Asian markets will just keep this zigzag up and running several times without much actual progress at all. Perhaps tomorrow new and more clear setups appears.