FX:SPX500   S&P 500 Index
179 8 6
Notes on chart
The USDJPY pair could give this pattern the legs to complete. Not a double bottom, but with that velocity to the downside, it may have over shot its target just from so much momentum? Your thoughts on that?
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KLang claydoctor
i don't trade forex
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Neither do I, I just use them as indicators to support positions and trends. But, wow, lots of forex money gained and lost these past few days I am sure.
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And I must say great spot and call, but just how did you know before hand that China would lower its rate again? Maybe you do have that crystal ball and don't know it.
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Hate to bother, but have to ask, at this very huge trading moment, and BTW very much appreciate your responses (when you have time- I know you are busy), but... I am depending on this S&P pattern to have been the diamond top, and I need help with my math for what would be the measured move and targets 1 and 2, per Bulkowski: B - ((H – L) * 76%). I see target 1 as a 450 drop from the diamond tip end of lets say 2100. Would target 1 be 1650 (ballpark), or am I too low?
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claydoctor claydoctor
Or we play out into a consolidating triangle as in 1987 per his blog suggestion today.
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IvanLabrie claydoctor
I don't see a consolidation now that can last more than 3 days without a new swing down, a sharper one.
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claydoctor IvanLabrie
Mmmm... that is the answer everyone is asking for. Thinking we bounce 10% and back down to the previous low, and then what?
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