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While the rising red channel gave up the ghost after tagging the 1.272 we discussed last week, the potential remains for the channel to be simply widening. If so, this slide should be pretty much done and it’s time to jump in with both feet here at 1687.50.
We’ve already had the backtest of the 1586 high from 2007 (the yellow grid), though a second is always a possibility. But, the more likely target is a steady grind up to the 1.272 at 1837 around Oct 11.
What’s the turd in the kiddie pool? The three rising red channels — the latest of which broke down last week — are part of a larger system.
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