Sep
12
Currency Milestone, from Anatoly Veltman
September 12, 2008 |
We have the long-anticipated the halt to currency straight-line meltdown, playing out since the July 15, 2008 EUR record of 1.6040 (one-sixty-forty). Curiously, its last bull-wave commenced at the Nov 15, 2005 low of 1.1640 (one-sixteen-forty)! It's easy to figure out: the 50% retracement mark is 1.3840 — and such will likely contain the current unprecedented-in-velocity correction. Remarkably, Sterling touched down Thursday near 1.7450 = 50% of the entire 2001 -> 2008 run from 1.3682 to 2.1160!
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