The USDJPY tested the top of the small falling white channel and the .786 of the larger falling white channel.
We’re getting a little follow through from Friday’s selling, tagging the purple .382 and white channel .618 line at the bottom of the falling red channel. We should see enough support here for a meaningful bounce (i.e. a bottom, not the bottom) and remain long from late Friday.
SPX retraced .886 of its drop from 1659.88, then reversed to retrace about .707 of that move. Odds are we’ll see a full .786 or .886 retrace on the red grid as well, down to 1653.25 or 1652.49.
BTW, I’ve just updated the AAPL charts for those interested. The stock has reached the target we set for it back on Jul 31. See HERE.
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