I just wanted to add an interesting observation - Notice how the USD just shook off the "bad" news regarding S&P puting the US on negative watch. Prices went right to the neck-line of the Shoulder/Head/Shoulder top at 143.50 tested it once and turned back down. Next support is at 142.44.
Original post below: 
Wave
D in the diagonal since mid-July 2008 ended with a fifth failure at 145.15 and we should now see wave
E to the downside. Wave
E will be shorter than wave
C, which means wave
E can't go below 112.54, but I would expect a bottom around the 116 area.
The possible triangle I described yesterday got wiped out in early Far East trading and the price-action finally looks impulsive. Taking a closer look at the micor waves from what I have labeled wave ii (in purple) is a serie og one's and two's and we are now in wave three down. We should see the bottom of wave i down close to the 140.05 level.
Wave D in the diagonal since mid-July 2008 ended with a fifth failure at 145.15 and we should now see wave E to the downside. Wave E will be shorter than wave C, which means wave E can't go below 112.54, but I would expect a bottom around the 116 area. 
The possible triangle I described yesterday got wiped out in early Far East trading and the price-action finally looks impulsive. Taking a closer look at the micor waves from what I have labeled wave ii (in purple) is a serie og one's and two's and we are now in wave three down. We should see the bottom of wave i down close to the 140.05 level. 
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