Euro and SP's opening 2010

Euro looks kinda weak after correcting sideways and is likely beginning a 5th wave (of the larger degree 1) down. And if that 5 equals 1, it measures to 1.3989 just taking out the psychological support of 1.40.

click to enlarge

And the SP is so far just getting a little bounce. I have to say I'm not crazy about the pattern down. It really is more characteristic of a correction than an impulse wave, but the long term resist at the highs is SO compelling it has to be given the benefit of the doubt. Would not be at all surprised by some really WEAK double top action overnight, prior to a collapse. Watching the .618 retrace on the above.  DO NOT be long equities, after the extended and ever weaker attempts at new highs and repeated false sell offs, there can be few shorts left  to brake any serious selling. I'm sure you've seen the 15% bear poll.


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