Charts I’m Watching: Nov 6, 2013

ES completed a small Gartley Pattern overnight (1767.50 vs 1767.67).

SPX should play catch up on the opening.  Its .786 is 1770.40.

UPDATE:  10:00 AM

Make that a pair of Bat Patterns.  SPX just tagged its .886, while ES came close enough (1770 vs 1770.26.)

Ideally, we’d get a little sell-off here to better establish the red channel bottom.  Note: I adjusted it after the close this morning to accommodate yesterday’s low and be more parallel to its ancestors.

There’s a little room, now, after the sharp bottom at 1750.50.  And, the yellow rising wedge sure suggests it’s a possibility.

I’d also like to see DX do a quick spike up here and tag 81.11-81.22.

If it sounds like I’m speaking out of both sides of my mouth… probably because I am.  We called for a stick save on the EURUSD Monday — which we got.  But, the stop was at an odd spot from a harmonic standpoint.  Ideally, we’d see a tag of the red 1.00 at 1.34 or, better, the combo purple .618/red .886 at 1.33.

And, how about this channel on USDJPY?  Sure looks it’s got a little room to run to me…

You could argue that we should see a sizable reaction to the white .886 at 98.76.  But, you could also argue that the pair never quite reached the pink .618 at 99.05, much less the top of the pennant (red TL.)

My hunch is we get a small, technical bump in the dollar (81.11-81.22) to deal with the EUR and JPY charts while ES sells off to 1760 or so, then a spike up in ES to 1837 while the dollar resumes selling off.

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