As long as 1131.42 stays as resistance this is a valid option and marries up with the USD/CAD idea of end to wave C, and the end to the wave C on the AUD/JPY, it might still need a tiniest of pushes higher, but MUST remain under 1131.42, the same applies to the AUD/JPY pair, it MUST remain under its wave A high
These ideas i am showing with the triangle counts explain the choppy whipsaw we have been seeing, it also makes sense of the obvious 3 wave move off the April highs (no way unless being forced do i accept that as a 5 wave move)
Those that are looking at the Equity markets need to be looking at and making sense of the other risk currencies that are moving in sync with Equities
IMO you are foolish to ignore those patterns simply as those carry trades are important to where Equities are likely to go
So we potentially could of seen the high in place if yesterdays high on the SPX was a truncation, there is a chance we could of seen the wave [iv] yesterday, but until a move above 1103ES then 1107ES, i am not holding out to see a new high
I have one leg in my Bear suit, as long as the 1103ES contains any upside, i am ready to zip up my Bear suit and get my "fur coat"
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