UltraShort Euro ETF (EUO) Elliott Wave Count, see the two year candlestick chart at http://finance.yahoo.com/q/ta?s=EUO&t=2y&l=off&z=l&q=c&p=v&a=w14,fs&c=. Since June's Intermediate Term Cycle High EUO did an Elliott Wave ABC down up down pattern, and, as usually happens, it also did an inverse 12345 down up down up down pattern (pattern within a pattern, usually what happens with downcycles), putting in an Intermediate Term Cycle Low on 11-4-10 at 17.93, with a major volume spike occurring at and near the bottom (see chart at link above).
So, the Euro turned bearish on an Intermediate Term Cycle basis on 11-4-10, which is bearish for SPX (S & P 500, http://stockcharts.com/charts/gallery.html?s=spx). Also, the six month Euro ETF FXE versus SPX Lead Indicator is very bearish, see http://finance.yahoo.com/q/ta?s=^GSPC&t=6m&l=off&z=l&q=c&p=v&a=ss&c=fxe.
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