Plenty of big chart developments this morning, with many of our targets close at hand. The biggest potential development is ES’ red channel breaking down – at least for the moment.
While this could be a garden variety V-shaped dip to 2803-2810, the run up in VIX (+11.7%) and continuing plunge in oil and gas (today should be the day) argue for more.
Currencies are still on our radar, as EURUSD is nearing our 1.1281 target and DXY has broken out of a rising channel.
On the Turkey front, the lira continues to strengthen — a deal in the works?
If so, it’s sure not being reflected in DB — now down 16% since reaching our last upside target.
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