Another day, another case of whiplash. The dollar is indicative of the volatility — a downtrend to the white .886 that reversed back up to the .382 before heading lower, right? After retracing about 101% of Sunday’s low, it reversed and regained the white channel — only to abandon it again this morning.
The EURUSD has been almost as schizophrenic, reversing after completing a Bat Pattern — but failing to break out after the catch at the white .500.
The USDJPY broke out of a very well-formed channel (in white below) a few days ago with an even better-looking channel (in purple), only to put in a backtest that’s a full-on nail biter.
The close-up:
Then, there’s the equities markets…we’ve got dueling H&S Patterns (both bullish and bearish), violated Harmonic Patterns and violated channels coming at us right and left.
This morning’s post-consumer confidence plunge (completing an H&S Pattern) probably had more than a few bulls reaching for the sell button. But, it stopped .25 shy of yesterday’s low and recovered the neckline in a matter of minutes.
What does it all mean? (continued for members)
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