On June 8th, in our special report, “EURJPY and the Dow - Separated at Birth ,” we wrote that “it is hardly a coincidence the wave structure from a long term to a short perspective suggests that significant tops may be in place for the both EURJPY and the Dow.” We were a bit early as the EURJPY and Dow did make new highs in July but the idea that tops were close to being put in place was correct. The correlation still exists as the declines from the respective tops in EUR/JPY and the Dow continue to look like mirror images of each other.
