The USDJPY tested the top of the small falling white channel and the .786 of the larger falling white channel.
DX is still lurking below the purple midline. It got close, but never did tag the white .886 …yet.
And, the eminis have done surprisingly little overnight other than completing the 1.618 tag as expected — very close to channel support.
UPDATE: 9:35 AM
We’re getting a little follow through from Friday’s selling, tagging the purple .382 and white channel .618 line at the bottom of the falling red channel. We should see enough support here for a meaningful bounce (i.e. a bottom, not the bottom) and remain long from late Friday.
UPDATE: 11:35 AM
SPX retraced .886 of its drop from 1659.88, then reversed to retrace about .707 of that move. Odds are we’ll see a full .786 or .886 retrace on the red grid as well, down to 1653.25 or 1652.49.
Obviously, a drop through 1651.63 would seriously damage the odds of a bounce as big as I’ve anticipated.
BTW, I’ve just updated the AAPL charts for those interested. The stock has reached the target we set for it back on Jul 31. See HERE.
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