Euro Intraday Bull Market Update

Our February Euro peak sure can fit into a triangle. Triangles have been on the rare side, but I have more than just one asset class that a triangle has formed. A triangle eventually spells doom once the “thrust” has played out. In this case I need 5 waves up in Subminuette degree. That could take another full month to play out, and anything less than a new bullish breakout would be unacceptable from my perspective.

The Euro is in the US dollar basket, but many times it acts inversely to the US dollar. As long as the US dollar still has downward potential, then this Euro futures chart can still soar. Eventually this 5 wave run could end up at a wave 1 in Minor degree, followed by another Euro crash/correction.  Gold should benefit from all this turmoil in the markets so the gold bull market is not dead just yet.

Today’s COT report will tell us more in what the commercial traders have done.

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