Hey guys,
Well, looks like many pairs are going through major reversals here. We elliticians know the reasoning for this lies in a major shift in investor psychology. The shift being whatever worked before, is not working anymore. It's that simple. Down means up and up means down. Long term positions are being stopped out, and its time for a new strategy. That strategy means cash. The Euro and Gold will by far be the biggest shock which means the fall should be violent at least initially.
I don't think you want to miss wave 3 down. Short term, we may get a spike up to start the week in Euro...then again, that spike may not come as C of 2 may take the form of a running flat...but the next fall should bring us near 1.4000 before a pause which is where the 200 day moving average lies. Thats over 600 pips away. Id find a place to short if not already short and enjoy the ride down. Gold should be just as violent. Always keep the big picture in mind before getting into and out of a trade. If you don't already have one, you could borrow this one. Remember where 161.8% of wave A line has not been breeched and that should be where B wave has ended which I have advocated all this time, even though we went down in 3 waves since that line hit.The rise since should be a truncation. This is the count Im working with. By the time wave C down is all said and done, we should be back down near wave A, if not a bit below it. The end of C is not important. What is important once C is over as that you make sure you have as much Gold as possible cause this should be the last Harah of the USD!