Charts I’m Watching: Feb 18, 2015

The red channel that we were watching yesterday held.  From yesterday’s members’ section:

Note that the nearly horizontal red channel could provide for a quick reversal at present price levels – particularly if CL doesn’t hold at the .618 at 51.72.

2015-02-18 SPX 60 0600CL didn’t hold at 51.72.  In fact it plunged to 50.8 — before a “mysterious” V-shaped  bounce into the close provided the help SPX needed in order to close in the green.

2015-02-18 CL 30 0615USDJPY got an assist, popping back above the top of the pennant pattern (in red, below) it had more than backtested.  But, it’s hard to ignore the glaring divergence between USDJPY and ES between Feb 11-16.

2015-02-18 USDJPY 60 0615We’ve placed a downside target at the purple .886 at 2080.71.  But, as we discussed yesterday, it’s not the only target we’ve got our eyes on.

continued for members


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