THE DOT - if this turns orange or red be alert

Wednesday, May 19, 2010

EURO update

The Euro dropped easily through the 1.27 support to hit the 50% retracement level almost exactly at 1.2140. I still think a strong bounce is due form this level to the 1.27 level which will be crucial going forward as this could be a bullish divergence pattern. Otherwise we drop within 3 months to the 1.13 level. As this is clearly an ABC correction and we are in the final wave of C as the 5th wave or 3th wave is the point to determine. In any case even a wave 4 up is due or a complete reversal pattern from current levels. Merkels German moron advisers are doing more harm than good with there desperate measures but that is priced in. The confusion is that corrupt DC and most of corrupt EU politicians have done nothing in 2 years to regulate financial markets and try to do so under attack is never the right move as they anyway do not heal the system but take measures to regain political ground without any concept. Probably a big crash is the only way to get Mainstreet on the streets to revolt against the corrupt system which steals money from them literally on a daily basis.

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