Busted Patterns

Another night of USDJPY ramping took ES up to 2014.  It’s not significant in and of itself, but it is slightly higher than the Sep 17 high of 2011.75.  In the world of Fibonacci Patterns, this means that the red grid set up by the Aug 24 bottom and the Sep 17 top is technically kaput.2015-10-09 ES daily 0621Ordinarily, this would be a very bullish development.  But, in a world run by currency manipulators and HFT’s it has more often than not been a head fake.

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