Ice Age

Some will start finding these markets a little depressing, yet sailors also don't often suntan on the deck either and have to go through rough seas now and then. Some traders/investors paid too much attention to their skin and can't take the pressure now.

Anyway, yesterday was again a little more abrupt than anticipated but we hade seen a lot of buyers giving up (500 tested as resistance on ER for instance) so a support level breaking induces a lot of selling searching for the next level.

Today, on EURUSD a substantial level has been hit around 1.245 even if the underlying trend is still there. Maybe a pause or a bounce today or tomorrow, but now aiming at 1.22 as mentioned in previous posts.

ER: Negative sentiment has to take ER to 437 close to recent lows, which will be the recent test. This revives a scenario of mine in recent weeks of an absolute bottom around 380.

ES: Again, same story here with a first target around 828 very close to recent lows at 827 and a Fib target at 821. Here again looms that same bearish scenario of an absolute bottom around 710...

At least, in this period of climate change, some bear species are still thriving...