Monday, 8 November 2010

USD Index strongly up - Euro periphery issues: suggested IBEX wave count

The USD produced a strong up day today vs most other currencies. The commodities bloc is showing more resilience for now, however, with Oil failing one more time at $87 this resilience might be short lived. TMN has been looking at the USD as a medium term buying opportunity and it seems like this will be the start of a nice journey. 

The IBEX closed again in the red today. TMN believes it will join the Dublin and Athens indices in the land of darkness soon. Please see the chart below for a suggested wave count. 

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