The crazy volatility during a Draghi press conference and subsequent breach of common fib relationships in an exagqerated move is the norm, not the exception...
I was not surprised to see 3180 go owing to to risk event increased volatilty, but I was surprised when we exceeded 3225 with gusto, and have remained firm so far well above that resistance... remaining firm aqnd not blowing off at te top as we so often see in a pop move is even more telling.
I have to respect this move, even if it stretched out of normal proportions, helped a lot by the JPY manipulation going on...
There still remains a short term bearish count... there are always multiple ways to count the market, and it is more an exercise in judging the probabilities between the counts... and the counts of related markets... and laying bets based on the probabilities..
For now I would buy a pull back into 3200 ... IF... a strong bounce seemed to also be developing from there...
I am not willing to chase this market any more than I am willing to chase the JPY.... I need to get my entry or stand aside..
Cross market, the moves yesterday seems to point to an even lower DXY before it turns... this seem to bolster the cse for a stronger Euro in the coming days...
However, US stocks may well be topping and due for a serious pullback. That would bring Euro right back down again..
In the meantime, I will simply stand aside and wait for the picture to become more clear...
I was not surprised to see 3180 go owing to to risk event increased volatilty, but I was surprised when we exceeded 3225 with gusto, and have remained firm so far well above that resistance... remaining firm aqnd not blowing off at te top as we so often see in a pop move is even more telling.
I have to respect this move, even if it stretched out of normal proportions, helped a lot by the JPY manipulation going on...
There still remains a short term bearish count... there are always multiple ways to count the market, and it is more an exercise in judging the probabilities between the counts... and the counts of related markets... and laying bets based on the probabilities..
For now I would buy a pull back into 3200 ... IF... a strong bounce seemed to also be developing from there...
I am not willing to chase this market any more than I am willing to chase the JPY.... I need to get my entry or stand aside..
Cross market, the moves yesterday seems to point to an even lower DXY before it turns... this seem to bolster the cse for a stronger Euro in the coming days...
However, US stocks may well be topping and due for a serious pullback. That would bring Euro right back down again..
In the meantime, I will simply stand aside and wait for the picture to become more clear...