EURO vs USD cross roads
I TRADE the spot currency market … as a CTA I deploy capital in the spot FX market.
I am hawking the EURO and, quite frankly, it’s at a crossroads. Why?
1) the BEARISH sentiment is at a MAJOR extreme … we have to take that into account.
2) I feel “pretty” confident on the count shown below. (1,2,3) There IS another move down …
3) the cross roads is – have we completed the a-b-c OR do we have one more leg up? I am in the camp of one more leg up simply because of TIME. the last correction took a month and we still have another week to go. all that being said, we need to hold in/around here to go back UP into my desired short area. the work for that short area is below …if we don’t rally from in/around here then it’s “probably” off to the races.
4) also, posted the EXACT low on the EURO via the square out technique here: http://www.seeitmarket.com/euro-time-price-square-call-bottom-13830/ the fact that we had the square out also tells me go higher.
guess we’ll just have to WAIT and see …rock on, ok?