No Idea what effect Italy referendum will have tomorrow, but from COT Data the upside potential is limited. With still 41% NetShort by Commercials we have a downside risk of 200-250 USD on reduction to about 10%... Till we don't see a significant move of Options (now 4% NetLong) upward, we will not have a bottom. Having the bad feeling that the big Selloff is just to come. Maybe Monday we get a correction back to 1225-1250 but I will stay neutral till I see reaction on Italy referendum.
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So...., just started my usual Europe EOW close short at 1163....
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So,.... slowly moving to my Dec. Target. From the classical Wykhoff View PS Target Region (against currency basket) should be reached soon. On break to the downside we should expect lower lows.
