Firstly the immediate SHS currently playing out has its target slightly below the previous low at 1.2623. Charts continue to look very bearish indeed with Papademos giving the Bears a hand after his comments overnight adding real concern to the idea of a Greek Euro exit. Whether his comments where directed at the Greek public to vote unanimously to form a solid government or at the EU/Germany to loosen the noose or both remains to be seen.
However, the comments have indeed forced the market to take a closer look at the technicals for a "If Greece does leave the Eur, where will it go?"
And there they are - the two weekly patterns that Bulls where fearing..
1 - SHS - Current neckline presently at the 1.2570 zone with measured move coming in around 1.0450.
2 - One to One or AB=CD - Copying the down leg from Nov. 2009 A to June 2010 B - a move of 3264 points which would target 1.1675 from the May 2011 high at 1.4939 being point C.
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