Charts I’m Watching: Nov 12, 2013

USDJPY has completed a well-formed Gartley Pattern at our price target range.

EURUSD has apparently broken out of the falling white channel and is still backtesting the broken yellow channel.

And, DX is still loitering around its broken channel backtest.

ES reversed where expected at 1770.25 and traded as low as 1762.50 this morning.  Things appear to be on track with respect to yesterday afternoon’s forecast.

UPDATE:  11:30 AM

Lots of movement, another deep retrace — not much to show for it.  Whatever the wave count, we’ve seen a second lower low/lower high since the .886 reversal we noted yesterday.  Despite the whipsawing, yesterday’s forecast for the bottom of this corrective wave is still my leading candidate.

I’m looking for 1754-1755 around 12-1am EST tonight.  It’s the midline of the biggest falling white corrective channel, and the bottom of the rising red channel — not to mention the target of the H&S Pattern currently setting up.

Note that it’s also the .500 of the 1774 – 1736 drop from Nov 7.  Keep an eye on the yellow neckline around 1762.

continued for members


Sorry, this content is for members only.

Click here to get access.


Already a member? Login below

Remember me (for 2 weeks)

Forgot Password