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The Big "Head and Shoulders" was confirmed and TRAN went DOWN beyond 6,700 to 6,403 and rebounded to 6,879. This may be Wave 3)1 and 3)2. Wave 3)3 may go DOWN to 5,530 or 5,350.

And the answer is "a-b-c" of Wave V]IV)E1]2). The last low at 15,450 may be Wave V]IV)E1]3)1 at the verge of another "Big M". Wave V]IV)E1]3)2 rebounded to 16,136. If the "Big M" are confirmed, Wave V]IV)E1]3)3 may go DOWN to 14,200. For the long term. Supercycle Wave III) 1974-2000 Supercycle...

NASDAQ rose to test 2000 High for the fifth time and fell back below MA200 with a tentative "Big M" pattern. If the "Big M" pattern is confirmed Wave IV]C1]3)1 target may be 4,250.

SPX broke above neck-line then fell back as a confirmed "Big M" pattern. SPX can go UP to 2,260 but this is less likely now. SPX may fall to 1,850 soon.

UTIL rebounded as Wave 3.2 then fall as Wave 3.3:1 as a 5-wave. There may be a rebound as Wave 3.3:2 to 575 and the a fall as Wave 3.3:3 to 520.

TRAN has multiple confirmed "Big M" patterns lately. If the Big "Head and Shoulders" pattern is confirmed, TRAN may go DOWN to 6,700.

INDU may give answer the long term question soon. The 3-wave UP from 15,370 to 17,977 may be an a-b-c or 1-2-3. The "Big M" pattern points to a fall to 16,933 where the question "a-b-c versus 1-2-3" will be answered.

EUR/USD Wave III3]4) ended at 1.17165. Wave III3]5)1,2,3,4 ended at 1.10892, 1.14953, 1.05219, 1.10429. Wave III3]5)5 may end near previous low at 1.04984 to form an A-B base, or near 1.01 and 0.95.

USD/JPY tumbled to 116.128 without going up to 125.85. This may be Wave 3]4) Wave 3]5)1,2,3,4 ended at 121.735, 118.065, 123.76, 120.582. Wave 3]5)5 or alternate count Wave 3]5)1 may end near 126.36. Alternate count Wave 3]5)5 may end near 157.

Silver Wave 4 invaded Wave 1 territory to end at $16.37. Wave 5.1 and 5.2 ended at $13.85 and $14.64. Wave 5.3 current low at $13.75 may end near $12.5. Wave IV)C5]5)5.5 may end near $12.1 or $11.5.

Gold moved to higher high before going DOWN to $ 1,045.40 just above Wave III4]'s or 2/5/2010's low at $1,044.5. After a rebound to near $1,104 Gold may fall to double measured move at $967.

$USD : No higher high, but lower low to 92.62 = Wave 4]c). Wave 5]1)3 ended at 100.51. Wave 5]1)5 may end near 101.5 or 104.5.

Crude Oil made lower low to $35.35 should be Wave 5)3 whose target is $29.5. If there is a rebound from here a descending wedge may be forming and Wave 5)5 target may be changed to $32. If Wave 5)3 ends near $29.5, Wave 5)5 target would be $25.5/24.4.

TRAN's Wave IV)C1]1)5 or IV)E1]1)5 or I4]c? Wave 1] should have 5 sub-waves. Wave 4] should have 3 sub-waves. The UP move will be 1) if there is 5 sub-wave, 2) if there is 3 sub-wave. Just wait and see.

UTIL's Wave 1 ended at 565.35. Irregular Wave 2 ended at 610.92. Wave 3 fell to 539.96 below Wave 1 and may end at 525.

Crude Oil fell to $42.03 before rebounded to $62.58 just above $60 target, this may be Irregular Correction of Wave 4)c. Wave 5)1 and 5)2 ended at $37.75 and $49.33. Wave 5)3 and 5)5 targets may be $29.5 and $25.5/24.4 .

Gold went DOWN as 3 waves to $1,072 just below $1080 target, then rebounded to $1,169, which may be wave 4. Wave 5 can go DOWN to $1,040 just below Wave III4]'s or 2/5/2010's low at $1,044.5.

Silver'low at $13.9 is near 7-year Head and Shoulders' target around $13.7. Multiple measured move target is $12.1. Silver's Bear Market may come to an end soon.

SPX's rebound looks more like Wave 2)a-b-c than Wave 1)1-2-3-4-5 because wave 4 is overlapping wave 1. Wave 1)5 can be a wave-5-failure. Wave 3) target is 1,770.

NASDAQ's rebound looks more like Wave 2)a-b-c than Wave 1)1-2-3-4-5 because wave 4 is overlapping wave 1. Wave 1)5 can be a wave-5-failure. Wave 3) target is 4,080.