EURO vs USD cross roads

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?

Bart

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