Here comes the Eurobear

While the previous count is still possible, the size of the rally becomes questionable. That is why I am now counting the decline from 1.4422 to 1.4047 as a complete small (WXY) complex double three, which would be Y of (W). Since the wave (X) top price has declined in what seems a corrective way. This means that either wave (X) isn't done yet, or wave (Y) has started. Looking at the fundamentals, with Greece possibly (or close to) defaulting, growing protests in Spain, another volcano erupting in Iceland, the debt ceiling being reached in the US and the whole IMF situation, this should be another intresting week.