Simple's Green Room

[pennies2007]

Yeah, I think we've hit a reversal point on the risk trade, at least temporarily git.

These pairs are really overdue for a relief bounce. That massive reversal on the DOW late Friday came back up from that 9800 area we were watching for support.

I'd say the risk pairs are probably good to go for a while on the upside.

But I don't expect the DOW to recover previous highs. I'm thinking this dip is a mini Wave 1 and is part of a larger Wave 1 to the downside for the DOW overall.

If that's correct, we'll see a mini Wave 2 bounce to the upside and then we turn down again...harder and further next time.