Binary Outcome

Although the two comparatives below only illustrate the prospective downside pivots for the euro and silver, we view the commodity and currency markets as likely entering a window (~1 week) where volatility should awaken and longer-term trends reestablished or broken. 

From our perspective, we continue to choose the former - with a weaker euro, silver and commodity complex in general.   

For further rationale as to why we have been following the historic Nikkei comparative with silver and the last secular low/high of the dollar/euro - see Here and Here. 

As always - Stay Frosty.