We’re seeing a nice start to the correction we forecast last week.
We’ve reached our next downside target in the 10Y, which seems to finally have attracted attention from the algos. Remember, there’s still a gap to fill at 1.20%.
As expected, USDJPY, CL and RB have rolled over and broken down – leaving futures without much support at all. Our downside targets, essentially the same since May 26 [see: What’s the Holdup?], remain unchanged. The upshot: a wild ride ahead.
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