Tuesday, June 29, 2010

Europe Etc.

IBEX slammed,  -4%
Maybe had something to do with this, IBEX Down 4%, BBVA And Santander Both Plunge Over 5%, As Euro Panic Forces 2 Year UST Yield To All Time Lows
or maybe this

Quick look at the Euro
 click to enlarge
As readers here know I believe the bulk of the Euro move is behind us , from April 22nd;
"My guess is that THIS ABC stucture down will carry to at LEAST the 50% (or 1.21). I don't see any reason for the ABC structure to be unusually quick or shallow. And even if you were thinking that the .82 to 1.60 move was structured in 5 waves, what would  be the 4th of lesser degree was at 1.16 : a likely target for a pullback. "
and May 19th;
'This support area needs to be watched carefully. Additionally c=.85 of A around 1.22 and of course the C=A at 1.14.
In other words the bulk of the Euro move is behind it.
 
It is possible that it will trace out a diagonal ending 5th wave (like the USD did at IT'S bottom) , or more likely  the recent Euro strength will turn out to  be "a" of a 4th wave, and this move down "b", with eventual targets at 1.14 or even parity. But I reiterate the bulk of the Euro move is behind it.
 
 

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