Volcanic eruptions, the Goldman Sachs scandal and the Google figures – what else guys? Which accident is not quoted to give reasons for a sell off and to oracle the new system crash. It’s amusing to see the whole media pack panting behind thousands of reasons for tops or bottoms.
This is a new bull market, not bear market correction, this time is different- says the media…...No way..... That was really fundamental.
The real reason is that S&P 500 reached its first preferred exhaustion target (1215) last week, causing thus a violent counter reaction. That was due to the Fibonacci sequence, Wave count ant Gann timing angles. That rise is based on the supposition that the financial markets as well as our lives, our decisions, simply our entire environment go through cycles which can be determined in advance - the same old story….
Let's take a snapshot at EUR/USD picture. According to the current wave count the pair has made very clear five waves dip. As most of the EW followers know we need to reckon on corrective pull back, testing one or few of the main Fibonacci levels on the chart below.
Again, the EURO guess takes off for a while. What will the fundamentals say about this? Due to the disastrous picture? What's the sense?
