USDJPY has continued to slide since our Apr 8 call for a top [HERE.] It back-tested the broken purple channel midline on May 6, and is signalling a sell-off to at least the bottom of the purple channel (96.25 – 96.66) where it intersects with the white channel .75 line in the next day or … continue reading →
Tag Archives: crab
The best laid plans of mice and men Go often awry, And leave us nothing but grief and pain, For promised joy! Robert Burns, 1785 ORIGINAL POST: 6:45 AM EDT The wedges we’ve been watching on DX and EURUSD are playing out. EURUSD has broken out… …and DX has broken down. But, it’s the USDJPY … continue reading →
ORIGINAL POST: 9:15 AM Last night, the dollar tagged the .786 Fib retracement of its decline from Apr 4. It subsequently sold off almost to the .618 but, so far, is hanging in a rising wedge. The EURUSD re-tested the .500 Fib of its rise from Apr 3, and snapped back into its falling wedge … continue reading →
I’ve been quite bearish since going short on April 11 at 1597 [Big Picture: 11:30 update.] Yesterday, though, SPX reached our initial downside target of 1540 and, as expected, paused. As we’ve discussed, this was an important points for bulls to take a stand. It was also the ideal spot from which to launch the … continue reading →
We’re set to get a nice bounce here at the bottom of the purple channel — as revised in last night’s last post. Based on where the futures are pointing, I’m not sure whether it will have legs or not. But, I’m inclined to play along on the upside, but with relatively tight stops in … continue reading →
Gold continued to melt down today, shedding another $126 and continuing the plunge that started on Friday with the critical loss of the LT channel we discussed last week, the horizontal support at 1520-1535, and the psychologically important 1500 level. Gold had a nice bounce from 1539 to 1590 after reaching the bottom of the … continue reading →
The chart of the day: We closed our longs (from 1539) yesterday, but are still a few points south of the market’s upside potential. While yesterday’s 1589.07 might end up being the top, I rather suspect we’ll move just a little higher. Recall that we anticipated being in this situation a week ago [Charts I’m … continue reading →
I’ve been watching natural gas for the past few weeks, an interesting chart as suggested by a member. One quick caveat: I don’t follow the industry, nor do I have an opinion on the fundamentals. This is simply a read of the current charts as I see them. NG has been exceptionally volatile over the … continue reading →
With Cyprus saved, the sanctity of the EU intact, and a US budget deal passed, we can all go back to watching the market ratchet up 10 points/day, right? Here’s the fundamental problem. continued for members… … continue reading →
The 2000 top shows just how “messy” tops can be. Here’s the finished picture in perfect hind-sight. It’s a very crowded chart, but every single pattern had a say in how the top unfolded. SPX had zoomed from 442 to 1478 in about 5 years, a not-too-shabby 234% gain for an annually compounded 27%. Once … continue reading →