With the Municipal elections over there seems to be some change in the air. The market seems to be defined by previous market structure and has reached the 61.8% retrace of the previous impulse. With the time running out for the downgrade to junk status for the Rand and a looming USD interest rate hike we may just see the end of the Rand's good run happening soon. For now the previous structure seems to be defining an area for some correction. Possibly there is some space for a little more Rand strength but then? Looking for the big change around the end of September.
