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.