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.

~ by behindthematrix on November 21, 2008.

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