I’m back from vacation, refreshed and rejuvenated after 5 days in heavenly Lake Tahoe. It’s exactly what I needed after a tremulous last few months in the markets.
IMHO, Tahoe is every bit the equal of Como, Louise or Lugano and belongs on your list — especially if you can avoid tourist season.
* * * * *
Yesterday’s finish… SPX reached our proposed Point B and, based on the eminis, should tag our proposed Point C in the opening minutes.
DX has reached our target of 81.111. Also bodes well for a pop and drop…
UPDATE: 9:36 AM
I’m shorting here at 1700 — likely the full extent of a 2nd/B wave. But, if not, the pullback should still be playable.
The USDJPY still shows more potential downside, but should get a bounce here at a channel midline and smaller scale Crab Pattern completion.
If the support doesn’t hold, however, the pair should reach our 95.44 target ahead of schedule, and could easily race down to the .886 at 94.66. As we’ve discussed many times, the yellow midline should get a test — particularly now that the white channel has committed hara-kiri.
Over the past year, the pair’s moves have been highly correlated with the SPX (the light purple line.)
But, note the divergence since Jul 8. Can SPX continue to ignore the pair’s demise?
UPDATE: 10:15 AM
So far, so good…
continued for members…
Sorry, this content is for members only.Click here to get access.
Already a member? Login below… |