Risk Off Indicator Revisited

The large sell off in the market was preceded by a downturn in my favorite risk indicator, the Euro Yen currency cross.

It appears we could see a bounce in the markets soon from very oversold conditions.

However, the risk indicator should be watched for any signs of significant reversal.  

Such a reversal could suggest a move up in the market to form a possible lower high over time.

A second possibility is continued downward momentum, and the indicator would also move down.

We shall have to wait for the wishes of the market to be revealed.