Jun 29, 2015


How low? How scared? were the questions... EURUSD is not impressed after initial drop is now 0.80% lower around 1.1090, US indexes 1.2% lower. The big hit took the European indexes.... ok I admit the gap is nasty, but do not tell me that the charts did not warned us.
Overall I do not see a lot of drama about the "Greek drama".

Here it is what I think - scared sellers, huge gap, oversold bounce, grinding slowly lower for the rest of the week, bottom for the correction/40 week cycle low, at the weekend Greece is saved, final move higher begins.

Here is updated chart of CAC40 - the path and EW count which I have shown last week worked perfect. At the moment the red scenario looks more probable.

And here possible interpretation of the mess which the US indexes are.... below 2060 and the pattern is questionable, below 2040 is wrong.

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