Wednesday, October 29, 2008

2008-10-28 Market Watch

Today I was too busy to do any detailed analysis.  Let me do it later.

On the SPX daily chart, it looks like wave 5 of 3 of 3 is finished (I cannot confirm though).  Then we are in wave iv of major wave 3.  If this is confirmed, the upcoming wave 4 can go to 1070!  Note that USD/JPY is back testing the breakout point so this is possible.  For tomorrow, I hope /ES can stop at 890 and doesn't go further down.

image (-SPX) image (/ES)

USD/JPY is critical [left].  It's good that USD/EUR is pulling back [right].

image (USD/JPY)   image (USD/EUR)

Let's see how the market goes tomorrow.  The movement on the day after tomorrow might be more important.

Master chuxue's chart:

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