The US dollar remains in a rising channel within long-term channels that point to very different outcomes. The rising white channel intersects just ahead with the larger falling white channel upper bound, the rising red channel mid-line and the 75% bound of the falling purple channel. Whether the red or purple channel carries the day … continue reading →
Tag Archives: bat
“It was an expression used by small recon units and sniper teams in hostile terrain in Vietnam. They would tell one another to stay groovy when the danger level was so insanely high they popped amphetamines to stay awake and ready to rock twenty-four/ seven, because anything less would get them all killed. Stay groovy; … continue reading →
ORIGINAL POST 9:25 AM SPX seems intent on reaching the next Fib level — the .618 of the 1433-1343 plunge at 1398.99 — before embarking on a significant B wave lower. But, the top of the new purple channel that’s been guiding us lower since mid-September is up above at 1401-1403, so there’s every chance … continue reading →
Good morning, all. The markets should get no help from across the pond today. Though Moodys’ downgrade of France was not exactly news, it should serve to remind investors of the structural issues facing the euro-mess. The EURUSD completed a well-formed Gartley Pattern early this morning, reacting off the .786 of the latest move down. … continue reading →
It seems longer than seven weeks since we led with this chart on Sep 14 [see: The World According to Ben.] QE3, the ECB’s latest stick save and the German Constitutional Court’s pro-ESM decision had all just been announced. According to just about everyone, stocks were about to explode higher. To me, it was a … continue reading →
ORIGINAL POST: 9:40 AM We posted this chart early Friday morning [see: CIW Sep 28]: SPX is selling off this morning, but should find support at the purple channel bottom around 1435-1436 and rebound… If the channel does hold, preferably at the .786 or .886 of the pink pattern, look for the Gartley Pattern we … continue reading →
Since our last post, UKX did reach our 590.04 Bat Pattern target, slightly exceeding it and an important fan line from October 2007 by 3.22 before dropping 3.2% since the middle of September. But, the correction is likely over — for now. Why? Like US equities indices, the FTSE has been in a long-term channel … continue reading →
The rising wedge we were watching Friday broke overnight and has carried into this morning’s session, with an initial drop to 1452.06. This completed a Bat Pattern at the .886 retracement of the 1474 to 1449 drop (also a small Crab Pattern.) We should thus get a sizable bounce from 1452 — probably at least … continue reading →
Bulls had quite the party last week. SPX broke through fan lines, Fib levels and resistance galore on decent volume and breadth, reaching our 1472 target in a big blowout party hosted by the ECB/GCC/FOMC. We discussed this target as far back as March 18 [see: Big Picture]. It was refined further a few weeks … continue reading →
Gold nailed our September 6 forecast last week [see: Sep 6 Update on Gold], fulfilling both the Bat Pattern and Butterfly Pattern objectives in the exact time frame we expected — the confluence of the ECB, GCC and FOMC decisions. Here’s the chart posted on the 6th: Since reaching the .886/1.618, prices have stalled out … continue reading →