Harmonic Overview: Jan 21, 2014

I’ve been pounding the table for weeks on the EURUSD and USDJPY charts…

And, presented what I believe to be a  compelling chart on Japanese equities last week:

But, the fact is that almost all of the major indices I watch have reached a natural reversal point from a harmonic standpoint.  Many have also completed chart patterns that indicate a reversal is at hand.  To wit…

RUT completed a large Crab Pattern today.

DJIA has still failed to break out after completing a Butterfly Pattern in late December.

NYSE topped out on Dec 31 after completing a double-top.

COMP has almost (98.6% of the way) reached 78.6% of its drop from 5132 in Mar 2000.

XLF recently retraced half of its 85% drop from 2007 to 2009.

The Transports are just shy of completing a Crab Pattern at the 1.618 extension.

SPX pushed slightly beyond its Butterfly top of 1823 in order to accommodate a Butterfly completion in ES — but has yet to break out despite numerous ramp jobs in the after market.

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