EURUSD 8.08pm

Further to my earlier thoughts (2.47pm post) on this being a 'b' wave up in the 'B' wave down, here is a chart to clarify. Key momentum is likely to be driven by the SMI cluster and the confluence of the D4 trough that signifies either the testing area of the 'cut' earlier today or a topping zone above it (see red dotted line to bottom). Given the state of that SMI cluster, I can not assume the latter. Whether a retracement or the 'a' wave of the 'c' wave down in 'B', I am happy to have topped up my shorts at T6 earlier, not quite so happy I already had some from before that extension up. I am quite aware that the existing shorts may be having a 'blinding' affect on me in seeing this as 'b' wave up in 'B' rather than the beginning of the next leg up (which I have been writing about for two months now in 'Lines in the Sky') but for now, I think it unwise to avoid this potential count as it would make for a fabulous move down and then up in 'C'.