Risk off as folks around the world notice smelly brown stuff is building on the fan.
But one thing to note. Markets rise and fall in waves (two steps down the stairs one up, two down etc etc).
Note 1 month of the AUD (price as of 1 hour ago as I write this post) below.
Down then slightly up, further down etc. I expect* a small rally to the mid to high 1.05s then a leg down etc. I've also circled oversold indicators.
(Click on graph to enlarge)
*The party pooper though, could be the Greek PM saying something really dumb this evening (Australian time).
Then, it could PLUNGE! And, all bets are off!
When the Greek PM (like Bernanke) speaks, he often sounds muffled.
Mr Elliott would say 5 steps forward, 3 steps backward ... Keep up the good work!
ReplyDeleteThanks. I put a link to your site on the side of the blog BTW. I traded that AUD move from 1.045 up to 1.055. I'm bearish the currency (I'm bearish all risk assets) but doesn't mean we can't take some money on the pull ups eh?
ReplyDeleteNice call yesterday arvo...
ReplyDeletealways good to trade the swings isnt it...
love the fan by the way :)
Thanks DFM. Appreciate attaboys from a pro :)
ReplyDeleteWhen I replied to Avid this morning (above) at rude o'clock I moved my stop to entry. I just moved it to 1.055 to keep some beer (single malt actually) money when she runs out of puff (any hour now). As I said I'm a Yogi.