I’ve been pounding the table for weeks on the EURUSD and USDJPY charts…
And, presented what I believe to be a compelling chart on Japanese equities last week:
But, the fact is that almost all of the major indices I watch have reached a natural reversal point from a harmonic standpoint. Many have also completed chart patterns that indicate a reversal is at hand. To wit…
RUT completed a large Crab Pattern today.
DJIA has still failed to break out after completing a Butterfly Pattern in late December.
NYSE topped out on Dec 31 after completing a double-top.
COMP has almost (98.6% of the way) reached 78.6% of its drop from 5132 in Mar 2000.
XLF recently retraced half of its 85% drop from 2007 to 2009.
The Transports are just shy of completing a Crab Pattern at the 1.618 extension.
SPX pushed slightly beyond its Butterfly top of 1823 in order to accommodate a Butterfly completion in ES — but has yet to break out despite numerous ramp jobs in the after market.