GBP/USD vs ED Spreads : An Observation

• Chart shows GBP/USD and ED_M0/Z0 spread across same timeframe
• Both good Risk Appetite indicators.
• Amazing how since equities made their bottom on 09Mar09, the 2 charts have an almost 1-1 structure, matching almost wave for wave in price action.
  
• Both weekly UpTL broken.
  
• Cable attempting to form SHS top now. ED Spread possibly also.
  
• But some divergence in timing in short term. Cable is down (leading) and testing NL (1.6150) whilst ED spread is retracing (up) to form right shoulder now with NL at +73.5 (lagging).
  
• 1 possible conclusion is that IF cable SHS top is confirmed and ED spread is still forming the right shoulder, 1 should go for the spread and sell it in large.
• IF ED spread is a SHS top, objective is +53.5.
  
• Cable SHS (if confirmed) downside objective 1.5154. (See here and here). Awaiting confirmation now.