we should see wave 3 into 1.4300 again to challenge a larger neckline. critical point.
(this chart was given to my subscribers last Friday, pointing to a wave 3 down)
On 10 Jan, I call for 1.9450 bottom for GBP, after almost another weeks of meandering, it comes to 1.9450 finally.
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Update 5 am ET
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Asia meltdown, Singapore down 6%. Flight to safety, USD stronger. In Asia economies, it is easier to switch to USD than Euro. Hence a preference for USD when Asia investors flee.
A lot of American brokers, e.g. Goldman Sach, Meryll Lynch has substantial real estate investment in Asia. Would they sell their Real Estate enbloc to cash out of Asia ? Since the upside for Asia real estate is already in.
Expect Asia properties to plunge, going forward. Then we have a lots of Bankruptcies auction in Asia. By nature, the Asians are a bigger gambler.
Any way, market expecting a US stock rebound, perhaps on a good earnings. technically unwind from oversold position, which would be met with further selling. SPX target is 1150.
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