EWN. Double Dutch?

ewn b 0ct 2011

In the big picture the ETF is very clear, the A-B-C  B-wave retraces a predictable 62% after completing a nice wedge for C, here it is in more detail;

ewn oct s 2011

In the mean time we have managed to drop below the B-wave level and so far at least a case could be made that we are in a 4th wave;

ewn oct vs 2011

The best fit here is to assume that we are in wave 4. The EWG, Germany is very similar. The tops is the top , no ambiguity, and no double Dutch at all. By the way, should wave 5 extend as is so often the case, it often travels about the same distance as waves 1 and 3 combined or about 8 points which would suggest 7.