Where will EUR and GBP goes


On Friday Oct 24, 2008 the most incredible things happend. Everything in the market is going down of the chart. The downward movement was driven mainly by Fundamental Issues and the main topic was the "R" word.
On Monday Oct 27, 2008 the bear continue to dominate the Asia trading time. The rule of technical analysis again is ignored. The issue of "Carry Trade" and "Recession" makes the headline of all trading floor.
In technical analysis of EURUSD and GBPUSD showed that in the monthly charts the candle all ready went through the Fibo 100% and was confirmed that the long term trade is bearish and in it early stage of wave 1 in Elliot.
I wonder what is wave 5 will be.
Is a long way a head into the valley of death.
What do you think ?
Ulas Valas