I’ve taken advantage of a relatively quiet morning in the markets to finish mapping the road ahead. There are quite a few harmonic patterns in play right now. My practice is to map all the apparent possibilities and look for confirmation (or lack thereof) between patterns — and then look for ways in which they … continue reading →
Tag Archives: crab
I wasn’t sure what to write about today until I got a great question from a reader, who hopefully won’t mind my reposting it here: Pebble, I enjoy your analysis, but are you really saying you bought at the low on Friday and you sold at the exact high yesterday? “After scalping a quick 36 … continue reading →
ORIGINAL POST: 4:30 AM The analog I posted on April 9 [see: New Analog I’m Watching] accurately forecast the move from 1422 to 1357, back up to 1415, then down to 1292. As detailed in the last post [see: Why Bother], merely selling short SPX at the tops and buying in at the bottoms we … continue reading →
UPDATE: 1:45 PM So far, SPX has obliged us by tagging every one of our targets. The 1310 Fibonacci .707 retrace [see below] of the 2007-2009 collapse is our current intra-day low, and we’re presently sitting at the 1.272 target of the Butterfly incorporated into the analog I first posted on April 9 [see: New … continue reading →
ORIGINAL POST: In yesterday’s post [see: Two Targets Down], I theorized we would go up and trace out a right shoulder to complete a small H&S pattern in the right shoulder of the larger (completed) H&S. So far, that’s exactly the way it’s playing out. As discussed, the perfectly-formed shoulder would take prices up around … continue reading →
Nothing to do with markets per se, but this kind of story really makes you stop and think… Anyone who thinks the same couldn’t be done just as easily with a FAB-250 from a Skyhawk is deluding themselves. UPDATE: 3:40 PM The H&S neckline back test we discussed in the 2:20 post below is … continue reading →
Yesterday we explored the alternate path in detail, noting that one of the two RSI trend lines we’ve been watching had broken, and the second was coming into play. There is the possibility that the downward sloping red, dashed TL will catch it on the way up, but the yellow TL just broken was a … continue reading →
UPDATE: 5:35 PM S&P cuts Spain two notches, from A to BBB+, based on contracting economy…cites declining disposable income, private sector deleveraging, front-loaded fiscal consolidation and an uncertain outlook for external demand in many of Spain’s key trading partners. UPDATE: 3:25 PM Here’s a close up of the alternative path, which looks stronger with … continue reading →
A couple of days ago, I updated all the EURUSD charts [see: Update on EURUSD], commenting that the pair was approaching a crucial test of the channel that’s guided it for the past year or so. With this morning’s mildly positive action, things have gone about as far as they can. Note in particular the … continue reading →
The analog we’ve been watching since April 9 is playing out nicely so far. We got the original bounce at 1357 as forecast, followed by a rise to the middle of our 1380-1400 target range. The H&S pattern we expected did, in fact, set up and complete yesterday. Now, we’re back testing the little channel … continue reading →