Is EUD into long overhaul against SGD?

Recently I found that the waves on many charts are very BIG, they are in fact HUGE! To some extend I could not believe myself while I made counts on some of the counters.


Fig 1 EUD Weekly Chart

Take for instance EUD, I actually zoomed the whole chart out to be able to see the whole pattern. This is due to some difficulty in interpreting from a single wave. I ended up with the beginning of the counter trend in 2005, gone down with a wave by 2006 (its a 3-wave because the 4th violates the 1st if it is a 5-wave), its b wave took 2 years to complete ending in 2008 followed by a c completed in end 2008.

One might think that this would be the end of it and now should be a new set of waves. The problem is this wave is damn choppy ending up with a 3-wave movement of X. The present down trend thus would be a new A wave.

From the looks of it, this time the wave is of a 5 wave pattern. It is in the process of creating an extended 3. Its fall is steep and led to a steep decline of its indicators. So where are its support?

I did a Fibonacci projection from the beginning of its 1st of 3rd wave to the 3rd (it is presently completing the 5th of 3rd). The EUD is presently stopped at the 38.2% projection level. I guess it should be rebounding by next week. The chances are high because indicators are reversing although no divergence yet. However, I did learn that sometimes, there is no divergence for a reversal. So let's cross our fingers on this.