I have long been stating that Europe will be the first to blow up (well Dubai might sneek in there, but they won't be as important, although they will bring the moment of recognition closer).
However, Eur/USD might be in a 4th wave up after that massive move down. Watch this closely, it correlates pretty well with SPX.
One reaason I watch the Euro even though there are better correlators, if the massive effect that can be expected when the Euro blows up.....now there is some predictive arrogance, don't you think?
steveo77
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Insightful and Useful Comment!