Elliott Wave Analysis of the GBP/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
My main long term wave count for the British Pound is that a triangle lasting almost 3 years ended on October 31, and a thrust projected to move almost 4000 pips downward over the next year is underway.
Elliott Wave Analysis of the S&P-500 (SPX) by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
The upward movement from the November 1 low can be interpreted as a triple zigzag, and reversed right at the .786 fibonacci. The aggressiveness of the downward movement over the last 7 hours brings back the likelihood that the October 27 high may not be eclipsed this year or next, and is therefore the start of Wave C Burgundy, although the possibility still exists that after a black wave B (moving in 5 waves to around the A/C equality target of 1201 by mid-November), a seasonal year-end wave C black rally may follow before a larger burgundy wave C gets underway.
Elliott Wave Analysis of the EUR/USD Currency Pair by Sid from ElliottWavePredictions.com. Click on each chart twice to enlarge.
Here are my updated and slightly revised long, intermediate, and short-term Elliott Wave counts for the EUR/USD currency pair. The expectation moving forward is very similar to my truncation count from before. These new main counts depict that an intermediate degree bearish wave 3 commenced on August 29. After waves 3, 4, and 5 black are finished, the Euro should be below 1.233.
Short term, wave 2 blue (within wave 3 black) may have finished very quickly, but I think its more likely to still be underway as an expanded or running flat, and recover some ground during the news releases over the next couple of days. If the Euro continues aggressively downward, the maximum depth if the Euro is still in wave b of an expanded flat for wave 2 blue is 1.3800. Movement below 1.38 will therefore be final confirmation that wave 3 blue within wave 3 black is underway.
I also have several long-term alternate counts, which I’ll show in my weekend webinar on Sunday, including one that counts the down move in the Euro from July through October of 2008 as a zigzag rather than an impulse, and therefore, since the high in July 2008, we may have seen a W-X-Y-X, and are now in wave Z of a triple zigzag. This would mean that the Z-wave would not be required to move below anything in particular, but must be at least a large zigzag, most likely commensurate with the previous W and Y waves within that alternate count.
Elliott Wave Analysis of the Dow Jones Industrial Average DJIA by Sid from ElliottWavePredictions.com. Click on the chart twice to enlarge.
The internal wave structure of the move down in the DJIA from the July 7 high though the August 9 low can count as completed waves 1, 2, and 3 black, and more to the point, appears to have paused at the 4.236 extension of the distance the July 7 through July 18 wave 1 black traveled. This is further evidence supporting the accuracy of this longer-term wave count, which labeled the March 6 2009 though July 7 2011 bull market as an impulse.
Also, I like this interpretation very much because it explains why both the up move from March 16 through May 2, as well as the down move from May 2 through June 15 look like “threes”. Also worth noting is that, even though the July 7 high (labeled wave 5 burgundy) did not make a new high above the May 2 (highest) high, it did terminate well above the February 18 high (labeled wave 3 burgundy), therefore avoiding the rare “truncation” moniker.
One last observation: Within the last upward push from June 15 through July 7, although the wave 4 black is very short and brief, in my experience, this phenomenon is quite common. Wave 4′s within the last “wave 5 push” at the very tail-end of trends are often so shallow and brief that an intraday chart is required for visibility.