The head and shoulders pattern is complete and looks perfect. Initial target based on the pattern is south of 1.32.
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| EUR/USD Daily |
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| EUR/USD Hourly |
Stocks are in some very serious trouble. I'm beginning to think we saw the high at 1370. The S&Ps are breaking a major trendline. Everyone seems to be expecting one more high out of stocks, because there are only three waves up since the March low and there's still plenty of time before QE2 is finished. I don't see a five wave impulse in the chart at all since last Summer, so why are we expecting the market to finish with one?
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| S&P 500 Daily |
