A bit of a comment cleaner, with a side note about the EUR/USD:
That triangle is still a serious possibility. The timing is interesting. We may have had a slight fakeout/throwover in the triangle near the close today, just as the SPX hangs in there just above some pretty important levels. If Atilla's "down big" call that is currently occupying #1 status is correct, then the EUR/USD is certainly set up to move down (quite strongly) with it, as it has done in the past. A triangle in the EUR/USD, for EWavers, also usually indicates a terminal move is imminent before a trend reversal, which has an eery similarity to Atilla's projection of a powerful move down to an IT bottom.
But take the EUR/USD chart with a grain of salt, because:
- As some EWavers point out, the EUR/USD might have already completed wave 5 in a truncation and now be in an uptrend - such a notion should be confirmed/denied by the tape pretty soon.
- A case supporting the uptrend scenario can be made when looking at the internal structure, however that structure (if it's bullish) will need to move impulsively upward very soon. Falling below 1.27 would make the bullish possibility look quite unlikely.
As some commenters have already noted, a (unfilled) gap down tomorrow (if it were to happen) would leave an island reversal top and some serious bearish potential.
I remain bearishly positioned, but I lightened up a little near the close.
Cheers
JB3
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