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Not Even A Bajillion Dollars Will Save The Euro at Trader’s Narrative

Recenlty Aaron Task interviewed Robert Prechter on the Tech Ticker at Yahoo. They discussed the US dollar, gold and the Euro.

While he is pessimistic on the Euro, Prechter does believe that it will stage an intermediate rally as a response to the current extreme negative sentiment. But Prechter doesn’t think that will be able to make a real difference as the Euro will ultimately dissolve.

So equity markets are going down; the Euro is short term oversold but long term it is toast; the US dollar and gold both are at a high with extremely positive sentiment. Where can you seek safe haven? Prechter suggests his own concoction, the “Stable Currency Index” made up of equal parts Singapore dollar, Swiss Francs, US dollars and the Kiwi (New Zealand dollar).

You may recall that Prechter was calling for a top in April. This is your last chance to download the complimentary 10 page issue of Elliott Wave Theorist where he outlines in detail his thinking and how he came to the conclusion that we are headed into another major leg down in the equity markets. Act now or forever hold your P’n'L.

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One Response to “Not Even A Bajillion Dollars Will Save The Euro”  

  1. 1 PEJ

    The main issue I have with this statement from Prechter, is when a “contrarian” is siding with the 98% of traders bearish on the Euro. Expect a big bounce on the € :-)
    It’s the same as the contrarian Marc Faber (and Jim Rogers) siding with the 98% of people who are inflationist. There must be something wrong :-)

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