As always, the big picture first.
Also, I have to admit that my previous call for a short was pre-mature. I had expected only a 3 waves up but USDSGD did a 5 waves but that is over. We can see that there is a clear 5 waves and a reversal.
Now, can we expect USDSGD to reverse up from this recent strong move down? It doesn't seem so and I will give you 2 reasons:
1. The recent move down is still in its infant stage.
2. On the weekly, it is a clear bearish shooting star.
I expect huge bearish move for USD for the next 2 weeks that will affect most instruments.
Also, I have to admit that my previous call for a short was pre-mature. I had expected only a 3 waves up but USDSGD did a 5 waves but that is over. We can see that there is a clear 5 waves and a reversal.
Now, can we expect USDSGD to reverse up from this recent strong move down? It doesn't seem so and I will give you 2 reasons:
1. The recent move down is still in its infant stage.
2. On the weekly, it is a clear bearish shooting star.
I expect huge bearish move for USD for the next 2 weeks that will affect most instruments.