If i say that it was an interersting day, it will be an understataemnt of the century. Bur, there is no doubt that we will see more of these exciting days soon. Unfortunately for all the poor souls, and I mean seniors, people on pensions, fixed income.
what we are witnessing now is the Robin Hood in reverse: stealing from the poor to feed the greedy fat bastards.
it is obvious now, after the AIG bailout, that the market lost all confidence in FED. The interventions in the future will be totally futile, just like today. what are the other options? Let them eat dust. The sooner, the better. There is no other solution.
But, hey, nobody is asking me, so i will shut up now.

Anyway, what i want to say is that we are seeing wave 4 in most pairs now; wave 5 will start when japanese market wakes up tonight.
Few comments:
1. Wave 4 in all pairs was really shallow, which is telling us that the market will move really fast later tonight.
2. Wave 3 was extended, but wave 5 will be really extended, too, or maybe super-extended (sorry, it is my own verbal creation, since we are dealing with unusual situation).

Just watching CNN and they mentioned breaking news about Washinton Mutual. Here is the CNN money headline and maybe this is tomorrows chaos.

Special Report Mortgage Meltdown

Bank merger talks heat up

Rumors are flying on Wall Street that Washington Mutual has put itself up for sale and that Wachovia and Morgan Stanley are considering a merger.

The candles on the monthly chart of EURGBP are reversing into corrective downtrend that will last for months...

yes.. today it closed below the trendline

On the monthly chart of EURNZD we appear to be in a triangle and this progressive strength pushing upward for the last year or so looks like wave "D" of a long term triangle..

On the weekly chart price created a shooting star a while ago that warned a major top was coming..

On the 2 Hour Chart price has made a clear 5 wave advance downward and a correction back up, the correction may be done now, or may expand to become larger before a decline continues..

Bears All Aboard !

(CARRY TRADE FOR SHORT POSITIONS ) Free to hold short

Is anyone able to provide a Eur/GbP chart on an hour base? OF COURSE THIS PAIR IS HEADING FOR MAJOR COLLAPSE

NZDJPY price action is back at a prior multi year support area and the 50.0 retracement level off a multi-year rally... I expect a bounce upward from current price levels before we see more downside... Major resistance will be around the 74.00 - 76.00 handle if this bounce gets under way..

On the 8 Hour chart candles say a bottom is in place..

Update to the current status.

Again, i see what i see. The wave 5 didn't stop at the 1 proposed target, instead it declined right to the second goal.
The low should be in place.
If it does decline lower more then 15 points, i will need to rework the count...

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GBPUSD... Keep your eyes on it.. Price appears to be drawing us a hammer to end the down trend on the monthly chart.. I'm thinking price is heading back to the prior break out point at 1.9400 over the next few months... If price closes the month leaving the hammer, next months price action will likely test the middle of the hammer giving bulls an awesome long entry... Keep those eyes peeled for 5 waves up and 3 waves back on the shorter time frames...

Looks like we need at least some correction north, if not more

Do you think that an ending diagonal is still possible in Eur/Gbp?
Looking very carefully the wave structure of A or 1 Eur/Usd, I found out that the 3rd is the shortest wave concluding that finally this is an A-B-C correction.
Any disagreements?

Regarding the Eur/GBP - everything is possible, also the ending diagonal.
I would personally like to see some action north now, in order to be able to decide what was the last drop - correction or beginning of the new, rather huge move down.
Or at least the month close, then we could use the Brad's candelstick experience

As for EUR/USD, i'm not sure that i can follow you. Either give a chart or at least some price points...

usdchf 15min & usdcad 15min for anyone who isnt on board still

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Let's assume that it is the first wave of a 5-move.
1hr chart
1st wave 1,3882-1,4041
2nd wave 1,4041-1,3973
3rd wave 1,3973-1,4126
4th wave 1,4126-1,4042
5th wave 1,4042-1,4481

First and fourth wave do not overlap but if this count is correct the 3rd shouldnt be the shortest.
Opinions please

fidelio, could you please you charts? simply press PRINT SCREEN on your keyboard (above delete & insert buttons), then paste into a image program (something simple like irfan view), cut what you dont want to show and add a count in paint
i got your point, but its hard to follow. actually i would put the end of wave three at 1,434, but you are right, there is something missing.
i am staying away from the eurusd, as there are far more clear pattern at the moment at other places..

one thing i cant figure out is the eurgbp, but i will look for a candlestick reversal the following hours, especially around 0,8..

eurgbp 30min

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