Wednesday, August 03, 2005

Eurocurrency Boxes

As you know I think the September eurocurrency futures are headed for 125-126 before the bear market reasserts itself.

Here is an updated hourly chart. The market has nearly reached the top of its current box. In this mornings guesstimate I said that a one box reaction would be normal from there but I mispoke. Only a reaction down to the 1/2 point of the box near 122.80 would be normal. If the market is as strong as I think it is we may not even get a reaction until the 1/2 point of the next box near 124.60 is reached.

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