A Major Euro ETF FXE Volume Spike Occurred the Past Two Days, see http://stockcharts.com/charts/gallery.html?s=fxe. The likely (gap-filling) counter trend Euro ETF FXE bounce the past few days appears to be peaking, confirmed by the major volume spike.
The Euro ETF FXE has done a down up down up pattern since the 142.28 Intermediate Term Cycle High, see http://stockcharts.com/charts/gallery.html?s=fxe, and, is probably in the process of doing (the usual/typical) an Elliott Wave 12345 down up down up down pattern decline.
SPX's (S & P 500, http://bit.ly/i0nsT) gap-filling likely counter trend bounce of the past few days is probably peaking, and, SPX probably put in a Major Cycle High at 1227.08 (a double top or modestly higher high won't be surprising, especially since Quantitative Easing/massive Fed Credit began again recently) versus the 1228.74 Fibonacci target, rolling over dramatically versus the 1219.80 4-26-10 cycle high.
The five day #Euro ETF FXE vs #SPX Lead Indicator is extremely bearish; see http://yhoo.it/9zUFZc.
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