Sunday, 16.11 – 2008
Please visualize alternate scenario as A-B-C because next movement will be massive. Either the case, after skewed triangle was executed down last friday it was either B wave meaning market started to work with corrective C wave. This is bullish scenario after C would be fully retraced (likely .618%), but if we just entered to the new impulse wave SPX will find it´s way below 800 very quickly (next week).
If I have time on next week I´ll post additional charts for this setup (if they changes middle of the day, likely I don´t have time to update), oscillators + fibs will confirm when waves changes and I certainly will trade these. Eur-Usd build skewed (overlapped) bearish triangle on friday in one minute chart confirmed that we will subdive and certainly we did.