is it forming an ugly head and shoulders, page-80

Jaolsa,

Exactly how I use EW these days as every 2nd EW analyst has a different count. When all counts align for a move in the same direction then you trade with the highest probability. I have been playing the market for a McHugh wave C up of B to commence maybe at his PHI turn dates in mid July but the alignment of all analysts from many TA disciplines is calling for a powerful bull move in the USD very soon. If the USD count is correct I cannot see McHughs reverse H&S targets for the DOW and S&P being met unless we get a quick spike over the next two weeks in the USD which drives markets lower and then the USD corrects or trades sideways for a couple of months before resuming the move. There's a lot running on reporting season commencing next week in the US. The USD is positioned expecting bad reports and the markets are hanging just above neckline support maybe expecting bad results. My advice is watch the USD. If it breaks above 81.4 then the markets lead by the materials sector and commodities will tank. If the USD fails to move above 81.4 then maybe the markets have that one last wave C of B up left in it!