Up the escalator, down the elevator. That’s what counter-trend traders love. It took us six weeks to grind from just below 1.42 to the highs for the rally at 1.4840. The nearly 50% retracement thus far has taken less than a week.
1.4514 is the 50% retracement of 1.4189/1.4840 rally while the 61.8% retracement comes in at 1.4438, essentially the top of the former range until prices broke out in early September.
