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Before seeing Dan’s post tonight, I came to the conclusion that hopes for the Santa Rally starting from around here were premature.
I believe BOJ is on deck with possible policy adjustments re YCC. Higher rates, higher yen, and dollar down.
So RISK ON.
BUT MY OWN CHARTS suggest the yen bounce will be short lived.
And lots of folks will be caught off sides.
That’s the recipe for an abrupt move from one side of the boat to the other.
And for those who can’t read EW (its pretty easy to do), that’s a triple nested 1,2 series to the downside.
Waterfall ahead.
At least the potential for it.
Don’t be caught too far over your skis.