The proposed Intermediate wave (C) of P is now exactly a Fibonacci .618 (.61848 to be exact) of Intermediate wave (A) at today's high, less than a point and a half from a perfect .618 in price. At this point we can also say we have every single subwave down to the minuette (pink) level accounted for and perhaps even sub-minuette level.
Its a valid EW structure. 22+ months in the forming and a time/price/waveform structure that fulfills the duty of a counter-trend primary wave rally.
If (C) does not equal (A) then the most common relationship is (C) = .618 of (A).
How about a 10% market drop in one day?? Egypt proved it was up to the task.
The dollar is perhaps close to getting extremely bullish. A flight to safety. I am looking at an (a)(b)(c) down on the dollar http://3.bp.blogspot.com/_TwUS3GyHKsQ/TUCNafQE8TI/AAAAAAAAIiM/Tj-7M_pvu-Q/s1600/2011-01-26-TOS_CHARTS.png
Who wants the Euro? You can have it. Its backed by no national army and no common heritage and an illegitimate political system at that. The dollar is. Thats reality. Thats the way it has always worked throughout history. The dollar may eventually fail altogether, but the Euro sure as hell will fail first in my opinion.
Zooming in, we are looking for an [A][B][C] down for the last subwave v as I have proposed the entire wave (c) is an ending diagonal pattern. But we have to be patient.
A slight variation on Minor 5 versus what I show on the hourly chart above.
A look at proposed Minute [v] of Minor 5. It is a difficult pattern and is very unsteady looking.