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Someone called it a "display of digital nukes". Here is a quick chart I did on spot market EURJPY which is a proxy barometer for equity markets (it is corelated

Someone called it a "display of digital nukes". Here is a quick chart I did on spot market EURJPY which is a proxy barometer for equity markets (it is corelated, like copper price is for world economic growth): http://i.imgur.com/E6MK2.png http://i.imgur.com/E6MK2.png massive inverse cup and handle on a daily chart. So it is by TA, straight from a textbook. Movement was rather dramatic though, and still more to come after a bit of consolidation (from a week to about end of the summer at most).

jrockway 16y ago
But you have to keep in mind, the market is specifically afraid of the Euro collapsing, so it might not indicate anything today other than the fact that people would rather have JPY than EUR.
- Keyframe 16y ago
  EUR/JPY is a known gauge of market sentiment, same as copper is for economic growth. Markets go up, EURJPY goes up, markets go down, EURJPY goes down. It's a known correlation that hasn't been broken yet. Intramarket analysis is a widely popular field in the economics. Just because people are afraid it doesn't mean it won't happen. Every possible TA is indicating on further collapse to come this year, at most by the end of summer. Even Elliot Wave suggests it if you are into EW. Even fundamentals are all wrong, carry unwind just happened, dollar is surging because of the credit market collapsing, vix is going mad, ecb is incompetent/inert. ECB will try to do something, tomorrow I'm sure - but it's a bit too little too late. Avalanche had its first run this week. We'll see a period of consolidation for a week, to up to a summers end if we are lucky! People can downvote my first post, but they cannot ignore that chart and should not.
  - deleted 16y ago
    [deleted]
  - jrockway 16y ago
    "Past performance is not indicative of future returns." A large country in the Eurozone has not defaulted on its debt before. This default affects the price of the Euro. You can't just look at a graph and assume that it's always right. The Euro isn't even old enough to make claims like "always", anyway. It's only been on the market since 1999 and only in circulation since 2002.

jrockway 16y ago

But you have to keep in mind, the market is specifically afraid of the Euro collapsing, so it might not indicate anything today other than the fact that people would rather have JPY than EUR.

Keyframe 16y ago
EUR/JPY is a known gauge of market sentiment, same as copper is for economic growth. Markets go up, EURJPY goes up, markets go down, EURJPY goes down. It's a known correlation that hasn't been broken yet. Intramarket analysis is a widely popular field in the economics. Just because people are afraid it doesn't mean it won't happen. Every possible TA is indicating on further collapse to come this year, at most by the end of summer. Even Elliot Wave suggests it if you are into EW. Even fundamentals are all wrong, carry unwind just happened, dollar is surging because of the credit market collapsing, vix is going mad, ecb is incompetent/inert. ECB will try to do something, tomorrow I'm sure - but it's a bit too little too late. Avalanche had its first run this week. We'll see a period of consolidation for a week, to up to a summers end if we are lucky! People can downvote my first post, but they cannot ignore that chart and should not.
- deleted 16y ago
  [deleted]
- jrockway 16y ago
  "Past performance is not indicative of future returns." A large country in the Eurozone has not defaulted on its debt before. This default affects the price of the Euro. You can't just look at a graph and assume that it's always right. The Euro isn't even old enough to make claims like "always", anyway. It's only been on the market since 1999 and only in circulation since 2002.