Fear is running the show in here as the S&P 500 is getting annihilated today, down 3.94% at lunch time in New York, while gold is on a tear up 3.22%, trading at $972/oz. The preferred count presented to you yesterday was dead on as EUR/USD held below 1.2825, retraced up to 1.2810 in purple wave .ii, before finally collapsing through the 1.2730 trendline support. I am not, however, chasing this move lower as we need to be patient and wait for blue underline wave iv to develop. I am eying a move towards 1.2680 to get short with stops back above the 1.2730 former support-turned-resistance.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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