Read an article this morning on how tech companies having many european constituents are lagging in decline of their stock price compared to tech companies having many chinese constituents by about 4:1. The article argued that the timing of this lag could result in a disastrous tech bubble here in America. This inspired me to checkout SPX in terms of euros, i.e., SPX*EURUSD. For EW believers, the chart provides a strong indication of how bearish the monster knocking on America’s door is.
FYI: EW count reveals a failed Wave 3 (came in under 1.68 Fib extension of W1) followed by the typical extended fifth seen in such scenarios (1-1.68 Fib extension of length from beginning of W1 to end of W3).
FYI: EW count reveals a failed Wave 3 (came in under 1.68 Fib extension of W1) followed by the typical extended fifth seen in such scenarios (1-1.68 Fib extension of length from beginning of W1 to end of W3).
