Our bet is on Turkey, despite the near-term concerns. South Africa seems on the path to be the next Zimbabwe unless major changes are made soon. Take a look at how the South African Rand has outperformed the Turkish lira since 2008. A nice symmetrical A-B-C corrective pattern with “equality”; i.e. A Wave = C Wave, into the low near 2.0000. Also note the extension of Wave 5 of the larger (C) Wave is a perfect 61.8% extension of Wave 3 of (C). Hmmm….needless to say, given the inherent volatility, this is a long-term position trade long.

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