Our forecast remains unchanged from last week — a very sharp drop this week, followed by a deeper drop the next. Needless to say, this goes against the grain.
Holidays are usually all about senseless melt-ups. So, I’ll look especially foolish or brilliant in the next week or so. As always, use appropriate stops.
We should get the next legs lower from RB, CL and USDJPY. And, VIX is likely to at least test the fan line from the February highs — think 26.50ish, depending on the timing. If it breaks that, things could get quite messy.
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