Note that the market is still tracing the inner 2 in Treasuries, this is why there is not too much price action across other instruments. Yet, all indices have already traced a minor leg lower, USDTRY shot up today by 10% and Crude oil is at 1/9 of the sell off. This is how the market is preparing for a big move across all instruments.
When wave 3 of 3 begins in Treasuries, it will be almost too late to do anything: the entire market will enter a quick downward spiral and will be totally owned by the rising yields. USDTRY will certainly reach 14 during the crash, and 20 is possible. EURGBP still owes me a 1000 pips downside to 0.76, which will be correlated with the spike in yields in 3-of-3.
When wave 3 of 3 begins in Treasuries, it will be almost too late to do anything: the entire market will enter a quick downward spiral and will be totally owned by the rising yields. USDTRY will certainly reach 14 during the crash, and 20 is possible. EURGBP still owes me a 1000 pips downside to 0.76, which will be correlated with the spike in yields in 3-of-3.
