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Hi all,
Another day another dollar!
We saw some possibly significant shifts in the FX market today which could pave the way for another leg up in the USD in the short term.
This does not auger well for the EURO in particular,
Given that there is a significant divergence already underway
in the periphery bond markets away form the base line German bund as you can see below.
In my mind this
These charts shows a rise in risk aversion among bond investors.
This risk aversion will show up in stock markets soon enough,
and then in short term money markets and so on.
The same domino's will fall,
And the same consequences will arise for Govt's and the public alike as it did in 2007.
Anyway,
We did not learn any lessons about leverage the last time.
We will not learn this time either.
Back to the job at hand.
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EURUSD
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[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]My Bias: long term bearish
Wave Structure: Topped in wave [B] black.
Long term wave count: lower in wave [C] black.
EURUSD may have completed wave 'b' of (e) this afternoon with a sharp drop into the lows.
Wave 'b' looks like an expanded flat,
With wave 'c' expected to rally again into the target at 1.1750 to complete the triangle.
The short term alternate shows wave (e) as complete at today's high.
If price breaks 1.1612 tomorrow,
This will trigger the alternate count.
Tomorrow;
Watch for 1.1612 to hold and wave 'c' to continue to target.
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