For those following along with our analog, today is day 232. Things appear to be right on track, and our downside targets are unchanged from Monday.
Today’s decline should be led by USDJPY. The daily chart looks fairly benign, while the 60-min shows the drama has already begun.
The eminis, currently off 4 at 2057, were as low as 2033.50 overnight — but, bounced back when USDJPY sought the refuge of the critical .618 Fib at 120.11.
Stocks should begin a more significant reaction today, but it should be modest compared to the weeks ahead.
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