Wednesday, September 2, 2015

One more wave down and [FXI] move will be motive.

In the backlink I showed a couple of possible threat models and mentioned that the chart was potentially still corrective and that it needed to reverse downward in order to convince me that the retracement wasn't corrective.

Current snapshot is below with the new count on it.  The current wave does not need to make a lower low although that would be quite the smoking gun.  All it has to do is put in one move wave down as shown and then I am going to buy it speculatively with tight stops because I feel that the relief rally will likely be at least to $40.43 and could be as much as 42.80 (the 38.2 and 50 fibs respectively.  But after that, short the crap out of it using FXP or put options.

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