Market timer EURYEN – tech outlook

The EURYEN cross-rate is a perfect instrument to see where we are when it comes to the real low. This triangle pattern is a clear hint we need to dip lower (new lows) to find the bottom of this market. Plus we have unfinished business on the counts as the Combo still at 10 and the Seq is counting parallel to almost all indices down and we need to dive to/or below 110 to complete this leg. As the big redemptions are partly delayed as most Hedge funds delay the payout to next year or partly to another quarter the selling pressure is reduced for now probably but long only funds may be in bigger problems as people might switch to ‘safer’ asset classes which always happens around bottoms hence still plenty selling pressure ahead. The EURYEN though shows clearly still some deleveraging to do as many other currencies do have still some marginal losses ahead as the Dollar index tells clearly as well.

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~ by behindthematrix on December 2, 2008.

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