Now What?

First, a quick overview… The dollar got clobbered overnight, knocking it temporarily out of the white channel that’s guided it since Jan 11. But, interestingly, its RSI channel is doing just fine, thank you. The EURUSD continues to levitate, but still hasn’t broken the last important interim top put in on Feb 24.  It is … continue reading →

Charts I’m Watching: Jan 14, 2013

ORIGINAL POST: The dollar is making a stand at the upper end of the target range I charted Friday, but hasn’t yet broken out of the steep falling channel.  While there was a turn at the .618 Fib that would justify a .786 completion (a Gartley), the more obvious Point B was at the .382. … continue reading →

Down the Rabbit Hole

“In another moment down went Alice after it, never once considering how in the world she was to get out again.” ― Lewis Carroll, Alice’s Adventures in Wonderland Not quite four months ago, the Fed guaranteed lower interest rates and higher stock prices forever.  At least that was the mainstream media’s take on QE3.  The … continue reading →

Charts I’m Watching: Dec 27, 2012

The dollar broke down from its steepest channel (in white) as I suspected, settling into a consolidation that might flesh out the larger purple channel today or tomorrow before breaking out of the yellow channel it’s been in since Nov 12.  My target remains the .618 at 79.319 on the purple grid. I say “might” … continue reading →

Charts I’m Watching: Dec 10, 2012

The market continues to walk a tightrope between another leg up and a very significant tumble.  We’ve been here many times before in the past year, and it isn’t getting any more fun.  To recap… We remain short from 1423 on Dec 3 [see: Without a Net].  This was target A established in our Oct … continue reading →

Charts I’m Watching: Dec 6, 2012

ORIGINAL POST: We can’t call the corrective wave over just yet.  There’s still potential to one of those fibs or channels we discussed yesterday before the 3rd wave down gets going. But, RSI is still showing no breakout potential on any time frame. A 50 – 88.6% retracement is considered “normal” for 2nd waves.  This … continue reading →

EURUSD Update: Nov 20, 2012

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 →