Greece's decision to go into default had a strong impact on markets around the world. I think up until later last week the consensus was Greece and the EU were going to reach a deal and markets reflected that. This event is in a way unexpected and this is why all the bullish signs from last week have now been reversed. Elliott Wave counts and technical analysis have their limitations imo, one of them being not being able to predict actual events. So now that the market has reversed course, the Head and Shoulder's like formation is in play and is targeting 2010. Sell in May has again proven to be the best thing to do. I sold my oil position at a loss and keeping only my long term positions in China.
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Short Term Trend = Bearish
Medium Term Trend = Bearish
Long Term Trend = Bullish