Euro Update

There has been some publicity around the Short O.I. in the Euro. There is a link on Zero Hedge to some decent charts, however while there is a correlation the lags are SO variable, trading it would be suicide. Additionally, in this extraordinary period, we must be seeing a general increase in FX flows anyway.

There is a potential  intermediate term (alternate) count of ABC down for the Euro, as labeled below.

 

click to enlarge

The alternate count C has exceeded the A, by about 10%. Not enough to rule it out yet.The .618 retrace of the whole B wave of larger degree  up from 1.23 is at 1.3400. Not there yet. 

And the so far the move up off the lows looks choppy and corrective..not an impulse wave.

Ought to get interesting soon.