The Euro & The Waterfall Projection – Judgment Day

 

We have not seen a Waterfall Projection on any market in years. All of a sudden, it showed up in Euro and in Oil. Those who have been with us for decades will notice that the projection for the high was virtually a perfect formation at the top of the circle based upon the Pi derivative. That meant we should have then stayed within the circle forming that sharp curve (Waterfall) that will then rush to the bottom of the projection. Note we fell and supported perfectly on it, bounced for one week and then fell out of bed pushing through the bottom of the Pi Cycle projection. You cannot get any more bearish than that for the future long-term.

Greek Election: Syriza Party Leads Exit Polls

The straw that could break the EU’s back. Germany, the powerhouse that runs Europe, is no doubt watching this closely.

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Polls have closed in the Greek elections which could see the radical leftist Syriza party take power, that has pledged to ditch painful austerity measures imposed during the economic crisis.

It is leading exit polls ahead of the official election result with between 35.5% and 39.5% of the vote, compared to between 23% and 27% for the New Democracy party, led by incumbent Prime Minister Antonis Samaras.

Banks prepare plans for Greek eurozone exit

A new Greek currency? Plausible. Grexit? As oft here discussed, Greece is too important for that.

 

Banks and other financial institutions in Europe are stress-testing their internal systems and dusting off two-year-old contingency plans for the possibility Greece could leave the region’s monetary union after a key election later this month.

Among the firms running through drills are Citigroup Inc., Goldman Sachs Group Inc.,  and brokerage ICAP PLC, according to people familiar with the matter.

Early elections in Greece: ‘On Tuesdays the euro, on Fridays the drachma’

Worst possible case scenario is that Greece will exit the Euro, but stay in the EU. Greece still holds too much significance for the German-dominated bloc as it will be a main energy hub along with Cyprus as a means of ending dependence on Russia.

 

 

Less than three weeks from general elections in Greece, Der Spiegel wonders about the intentions of Alexis Tsipras, the leader of the left-wing Syriza party and frontrunner in the campaign to form the next government. The German magazine sees mixed messages that leave observers across Europe “at times anxious and at others baffled” —

Germany believes euro zone could cope with Greece exit: report

(Reuters) – The German government believes that the euro zone would now be able to cope with a Greece exit if that proved to be necessary, Der Spiegel news magazine reported on Saturday, citing unnamed government sources.

Both Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble believe the euro zone has implemented enough reforms since the height of the regional crisis in 2012 to make a potential Greece exit manageable, Der Spiegel reported.