The EURYEN daily had a SEQ daily 13 yesterday which helped on option expiration to have a moderate upswing briefly but we need to test the 110 level to complete the daily Combo count for this leg ( since early Oct still at 10). The weekly chart of Euroyen shows more downside potential but that is reserved for the next bigger downleg I assume. In any case we should get a substantial corrective move to the upside as soon as we have the 13 in as we are currently in a capitulation anyway. The 155 down to 110 leg of 45 points requires a 25% correction at least which is 11 points up but even 20 points up is a likely scenario before dropping to 100 in 2009.
Friday, November 21, 2008
EURYEN tech outlook - carry trade signals the stage of deleveraging
The EURYEN daily had a SEQ daily 13 yesterday which helped on option expiration to have a moderate upswing briefly but we need to test the 110 level to complete the daily Combo count for this leg ( since early Oct still at 10). The weekly chart of Euroyen shows more downside potential but that is reserved for the next bigger downleg I assume. In any case we should get a substantial corrective move to the upside as soon as we have the 13 in as we are currently in a capitulation anyway. The 155 down to 110 leg of 45 points requires a 25% correction at least which is 11 points up but even 20 points up is a likely scenario before dropping to 100 in 2009.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment