We’re at another one of those interim Fib levels where we could see a pullback before the final assault on our target. ES and SPX are both apparently intent on bagging 1800.
The dollar has continued its drop as expected. Watch for a potential backtest of the broken white channel midlines.
USDJPY, after reacting as we expected at the .886, has found channel support.
I suspect that, as the pair goes, equities will go with respect to the size of the pullback. Note that the pair has backtested the rising wedge we’ve been watching.
But, this is where wedges get tricky, as the time period one is charting, shadows, tails, etc. can influence the look of the wedge.
TNX has reacted at the .618 retracement of the drop from 29.84 to 24.71. Bonds should get a small bump (and rates drop) from whatever equities sell-off we get here.
Downside targets coming up.
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