SPX prices pierced the Fib. 61.8% of the rise from June' low to Sept.' high and bounce to make a bear trap. It may be a sign of a short-term bottom. Hope that Bears who entered the short had managed well the profit taking or stop loss.
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DJ-30 is finishing the H&S pattern. The cluster of H&S target with 78.6% retracement of June's low to October's high of 2012 with 38.2% retracement of October, 2011' low to October, 2012' high is around 12390+/-. This 12390+/- would serve as a short term support for bulls and a profitable bounce could be expected there (May be in need of a conjunction with a Greece deal). My personal view is the bottom of this bearish market can only be found when the US finds a solution for the fiscal cliff.
The equivalence of 12390+/- from DJ-30 in SP-500 is the area 1320.00 - 1310.00
Conclusion: Not yet reached the bottom, stay outside or short on a bounce!
EUR/USD seems finished the wave iv of a bigger wave 3. Today decline would be the beginning of the wave v of 3. Wave 3' target may be 1.2550-1.2500
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