5 AUG 2008

S&P500 U.S.
U S 60MIN ANTICIPATED AND HAPPENED
As long as 1,230 is in place, wave circle c of A up to 1,320-1,350 is still pending. Below 1,230 we review.

Price Price
USD USD
ii ii
1,410 1,410
1,400 1,400
1,390 1,390
1,380 1,380

i 1,370 1,370
i
1,360 1,360

61 8%
61.8% 1,350
, 1,350
,350
61 8%
61.8%
1,340 1,340
A/2
A/2
1,330c
1,320-1,350 at 1,320-1,350 at c1,330

50.0% 1,320 50.0% 1,320

1,310 1,310
a a
1 300
1,300 1 300
1,300
iv (v) iv (v)
38.2% 1,290 38.2% (b) 1,290
1,280 1,280
1,270 iii 1,270
iii (iii) (iii)
1,260 1,260
1,250 1,250
(iv) (iv)
(i) 1,240 (i) 1,240
61.8% 61.8%
(c)
WEAKENS BELOW 1,230 1,230 BELOW 1,230 WAVE 3 (a) 1,230
b b
IS ALREADY ON THE ROLE
1,220 1,220

(ii) 1,210 (ii) 1,210

.12 .12
2123 2830 0305 0911 1317 1923 25 2701 0308 1014 1618
v 2224 2830 01 20 23 29 03 06 11 16 19 24 27 0207 10 15
v 18 23 28 31 05 08 13
May 2008 June 2008 July 2008 May 2008 June 2008 July
C/1 C/12008
COPYRIGHT OR-PHE-US
 RTS INDEX RUSSIA 60MIN
ANTICIPATED: Thus, we might witness a sharp corrective rally over the next week limited to 2,150. This short-term positivity is confirmed only above 2,000. If prices fail to
break above this levels and continue to decline, we consider wave circle v of minor 1 is further extending downward. Prices did go marginally below our 1,950 levels but
then rallied back above,
above confirming the LEVELS.
LEVELS We are still below psychological 2,000.
2 000 Only a break at 2,000
2 000 would confirm short-term positivity (a possible rally to 2,100).
2 100)

5
(5)=(1)-(3)
5

Price
ii USD

2,400

2,350

i
2,300

iv 2,250

2,200

2,150
i *1.618= iii
38.2%
2 100
2,100

2,050
23.6%
38.2% 2,000 STRENGHTENS
ABOVE 2,000

1,950

1,900
v =1.618* i

50.0% 1 .123
04 07 412 1519 22 28 04 07 13 1820 25 28 02 07 10 15 18 23 28 05 08 14 19 22 27 30 04 09 16 19 2426 01 04 09 14 17 2224 29 01 06 11 14 19
February 2008 March 2008 April 2008 May 2008 June 2008 July 2008 August 2008

COPYRIGHT OR-PHE-US
 DAX GERMANY 60MIN
ANTICIPATED: Expect a pullback, possibly till 6,200, as wave circle b before the final rally wave circle c takes us higher till 6,750. This is the maximum retracement we are
allowing for minor 2. Once this gets complete we should be in for a significant decline. Prices did pull back as anticipated, yet wave circle b seems to be subdividing. This
means that we might to see another minuette (c) down to complete circle b and only after that comes the final rally circle c till 6,750.
6 750 Sub 6,200
6 200 we review.
review

(B) / (2)

Price
ii
EUR

7,050
7,000
6 950
6,950
i 6,900
iv 2/A
6,850
c = a 6,800
61.8% 6,750
6 700
6,700
vi
6,650
50.0% iii
6,600
a
6,550
(b)
6,500
38 2%
38.2%
viii 6,450
v
6,400
6,350

6,300
(a)
6 250
6,250
(c)=(a)
61.8% 6,200 BELOW 6,200 WAVE 3
vii IS ALREADY ON THE ROLE
b
6,150

6,100

6,050
.123
13 15 19 21 23 27 29 02 04 06 10 12 16 18 20 24 26 30 02 04 08 10 14 ix16
18 22 24 28 30 01 05 07 11 13 15
May 2008 June 2008 July
1/C2008 August 2008

COPYRIGHT OR-PHE-US
 NIKKEI225 JAPAN 60MIN
As we have stated last week, corrective circle ii did become more complex and time consuming. We have also moved our target for circle ii slightly higher to 14,000. A move
above respective target levels would suggests that NIKKEI might be in a PRIMARY BULL.

4
y
Price
JPY

ii
14,200
78.6% (c)=(a)
14,000 WEAKENS ABOVE 14,000

61.8% 13,800

(a)
13,600
w 50.0%
38.2%
13,400

13,200

(b) 13,000

STRENGHTENS
61 8%
61.8% x
12 800
12,800 BELOW 12
12,800
800

i 12,600

12,400

12,200

12,000

11,800
.12
13 17 19 24 26 28 01 03 07 09 11 15 17 21 23 25 30 02 08 12 14 16 20 22 26 28 30 03 05 09 11 13 17 19 23 25 27 01 03 07 09 11 15 17 22 24 28 30 01 05 07 11 13 15
March 2008 April 2008 May 2008 June 2008 July 2008 August 2008

COPYRIGHT OR-PHE-US
 SSE COMPOSITE CHINA 30MIN
We have a double interpretation for the latest prices action in SSEC from the July lows. Either way, we expect at least one more leg up once wave circle ii / B completes.
Above psychological 3,000 prices can push up till 3,400. On the other hand, a break below our 2,650 exit levels would negate this medium-term positivity.

Price
CNY

3,600
3,550
3,500
3,450
23.6% 3,400
iii /C
3,350
3,300
,
3,250
3,200
3,150
3,100
3,050

i /A 3 000
3,000
STRENGHTENS
3,000 ABOVE 3,000
2,950

2,900

2,850

2,800
(ii)
2,750

ii /B 2,700

78.6% 2,650 WEAKENS BELOW 2,650

2,600
.123
(5)
06 07 09 12 14 15 19 20 22 23 27 28 30 02 04 05 10 11 13 16 18 19 23 24 26 27 01 02 04 07 09 10 14 15 17 18 22 23 25 28 30 31 04 05 07 08 12
May 2008 June 2008 July 2008 August 2008
1
COPYRIGHT OR-PHE-US
.FCHI FRANCE. KEY REVERSAL CONTINUES TO HOLD. ABOVE 4,300 MINOR POINTS HIGHER.

FTSE UNITED KINGDOM

KINGDOM. (RIGHT) KEY LEVELS LIE AT 5,400.
5 400

COPYRIGHT ORPHEUS CAPITALS ©

.BVSP. BRAZIL. KEY SUPPORTS AT 60,000 BREAK .BSESN. DAILY RSI

WE NEED A CLEAR MOVE ABOVE 62,000 FOR ANY POSITIVE CONFIRMATION Holds above the neckline at 14,000. REMAINS POSITIVE.

B1
B2

COPYRIGHT ORPHEUS CAPITALS ©

INTC (INTEL) (RIGHT) THE A-B-C UP CORRECTIVE TILL 26 CONTINUES
HP (LEFT). POSITIVE EXPECTATIONS ARE CHALLENGED SUB 43.5 (0.382 FIB)

COPYRIGHT ORPHEUS CAPITALS ©

BANK OF AMERICA. EXTREME SWING ROC SUGGESTS POSITIVITY

THIS EXTREME SWING LAST HAPPENED IN 1991 BEFORE A PRIMARY BULL. ABOVE 25 WE REMAIN POSITIVE

EXTREME ROC

COPYRIGHT ORPHEUS CAPITALS ©

 KO (COCA COLA). TAKES SUPPORT AT KEY FIB CONFLUENCE AT 50.

ANTICIPATED AND HAPPENED

(3) (3)

(4)?
(4)?
(1)
(1)

(2)
(2)

COPYRIGHT ORPHEUS CAPITALS ©

 NAME COUNTRY INDEX CURRENT PRICE MINOR KEY MINOR PREFERRED STRENGTHENS WEAKENS

NIKKEI 225 JAPAN .N225

12,914.66 13,200.00 UP ABOVE 13,500.00 BELW 13,000.00

SSEC CHINA .SSEC

2,690.75 2,800.00 UP ABOVE 2,700.00 BELOW 2,500.00

S&P500 UNITED STATES .GSPC

1,249.01 1,250.00 UP ABOVE 1,270.00 BELOW 1,230.00

DAX GERMANY .GDAXI

6,498.58 6,000.00 DOWN BELOW 6,000.00 ABOVE 6,300.00

IRTS RUSSIAN .IRTS

1,822.81 2,300.00 DOWN BELOW 2,100.00 ABOVE 2,300.00

SENSEX INDIA .BSESN

14,961.07 13,500.00 UP ABOVE 14,000.00 BELOW 13,000.00

BOVESPA BRAZIL .BVSP

BVSP
55,609.07 60,000.00 DOWN BELOW 59,000.00 ABOVE 60,000.00

CAC FRANCE .FCHI

4,351.99 4,500.00 DOWN BELOW 4,200.00 ABOVE 4,500.00

UNITED
FTSE .FTSES
KINGDOM
5,320.22 5,600.00 DOWN BELOW 5,400.00 ABOVE 5,600.00

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 ECONOMIC SECTOR BROAD SECTOR REUTERS TICKER COMPANY NAME CURRENT PRICE MINOR KEY MINOR PREFFERED STRENGTHENS WEAKENS

EARLY ECONOMIC FINANCIALS C.N CITIBANK

18.83 20.00 UP ABOVE 20.00 BELOW 18.00
EARLY ECONOMIC FINANCIALS JPM.N J P MORGAN
40.14 40.00 UP ABOVE 40.00 BELOW 35.00
EARLY ECONOMIC FINANCIALS BAC.N BANK OF AMERICA
32.62 30.00 UP ABOVE 30.00 BELOW 25.00
EARLY ECONOMIC FINANCIALS AXP.N AMERICAN EXPRESS
36.85 40.00 UP ABOVE 45.00 BELOW 40.00
EARLY ECONOMIC FINANCIALS AIG.N AIG
26.69 25.00 UP ABOVE 30.00 BELOW 25.00
EARLY ECONOMIC ENTERTAINMENT DIS.N WALT DISNEY
30.37 30.00 DOWN BELOW 30.00 ABOVE 33.00
EARLY ECONOMIC DISCRETIONARY HD.N HOME DEPOT
23.89 20.00 DOWN BELOW 20.00 ABOVE 25.00
EARLY ECONOMIC AUTO GM.N GENERAL MOTORS
10.10 10.00 DOWN BELOW 9.00 ABOVE 12.00
EARLY ECONOMIC TELECOM VZ.N VERIZON
33.83 30.00 DOWN BELOW 33.00 ABOVE 37.00
EARLY ECONOMIC TELECOM T.N AT&T
30.17 32.00 DOWN BELOW 32.00 ABOVE 34.50
EARLY ECONOMIC TECHNOLOGY INTC OQ
INTC.OQ INTEL
22.52 20.00 UP ABOVE 20.00 23.00 20.00
EARLY ECONOMIC TECHNOLOGY MSFT.OQ MICROSOFT
25.28 24.00 DOWN BELOW 24.00 ABOVE 28.00
EARLY ECONOMIC TECHNOLOGY HPQ.N HP 43.94 43.00 UP ABOVE 43.00 BELOW 40.00

EARLY ECONOMIC TECHNOLOGY IBM.N IBM 115.0

127.56 120.00 UP ABOVE 120.00 BELOW 0
MIDDLE ECONOMIC INDUSTRIALS UTX N
UTX.N UNITED TECHNOLOGIES
63.76 60.00 UP ABOVE 65.00 BELOW 60.00
MIDDLE ECONOMIC INDUSTRIALS CAT.N CATERPILLAR
67.43 70.00 DOWN BELOW 65.00 ABOVE 70.00
MIDDLE ECONOMIC INDUSTRIALS GE.N GENERAL ELECTRIC
28.17 26.00 UP ABOVE 28.00 BELOW 25.00
MIDDLE ECONOMIC INDUSTRIALS MMM.N 3M 69.75 70.00 DOWN BELOW 60.00 ABOVE 70.00
MIDDLE ECONOMIC AEROSPACE BA.N BOEING 61 36
61.36 70 00
70.00 UP ABOVE 70 00
70.00 BELOW 60.00
60 00
LATE ECONOMIC STAPLES KO.N COCA COLA 53.90 50.00 UP ABOVE 53.00 BELOW 50.00
LATE ECONOMIC STAPLES MCD.N MACDONALDS
60.55 60.00 UP ABOVE 60.00 BELOW 55.00
LATE ECONOMIC STAPLES WMT.N WAL MART STORES 58.43 55.00 UP ABOVE 58.00 BELOW 55.00
LATE ECONOMIC CHEMICALS DD.N DUPONT CO
42.16 40.00 DOWN BELOW 40.00 ABOVE 45.00
LATE ECONOMIC HEALTH PFE.N PFIZER 18.98 18.00 UP ABOVE 20.00 BELOW 18.00
LATE ECONOMIC HEALTH MRK.N MERCK
33.40 35.00 DOWN BELOW 35.00 ABOVE 40.00
LATE ECONOMIC ENERGY CVX.N CHEVORN 82.80 85.00 DOWN BELOW 85.00 ABOVE 95.00
LATE ECONOMIC ENERGY XOM.N EXXON
76.60 80.00 DOWN BELOW 85.00 ABOVE 90.00
LATE ECONOMIC NON DURABLES PG.N PROCTER AND GAMBLE
65.82 60.00 DOWN BELOW 60.00 ABOVE 65.00
LATE ECONOMIC HEALTH JNJ.N JOHNSON & JHONSON 68.98 65.00 UP ABOVE 66.00 BELOW 63.00
LATE ECONOMIC MATERIALS AA.N ALCOA
31.04 32.00 DOWN BELOW 30.00 ABOVE 35.00

COPYRIGHT ORPHEUS CAPITALS ©

EDITORS

Domnita Pascut
email: domnita@or-phe-us.com

Mukul Pal
email: mukul@or-phe-us.com

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WAVES.GLB 05 AUG 2008