The euro moved exactly in line with yesterday's forecast by shooting to one more new high to complete wave (v), and the sharp reversal this morning suggests the five wave rise is over. It also means that it's possible Intermediate wave (2) may be over as well. So this is big, and the bears should be sounding their battle cries here because this may be a great shorting opportunity with stops just above this morning's high. This reversal occurred shortly before the US futures started a slow reversal so as of now, the euro is leading equities. So watching the euro seems wise today. We'll see how this plays out the rest of the day. But it looks promising for the bears as long as this morning's highs hold in the euro and in equities.
Also notice that, again, the financials (XLF) are extremely weak today compared to the rest of the market. Just another blaring sign to the bulls that their beautiful flawless bull story is not as perfect as they hoped.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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