Short opportunity identified over 3hr bars, with a clear price-RSI divergence. I have the same short view over different time frames (see links ), but this one confirms my view with S&P500's relative fading strength . I hate over-fitting charts with indicators as markets are too uncertain for that, so I generally have two key moments in mind: a) the price...
The New Year rally ended in February that saw EUR pull back to 1.035 but stop halfway, to consolidate between 1.065 and 1.05. With French elections potentially dominating the near-term the market appears unwilling to find direction.
Whether you prefer your ABCs or 123s, both steer me to see a short-term rally in Gold: ABCDE marks the second dip as D on the 15th Feb, in which case E was the end, and now we are in the middle of the correction/collapse. A pullback should follow. If you think 15th doesn't count (too shallow) then we are in the second dip, or 4. In which case the final...
The week's 3 day pullback from the high of 2400 ended last night, when massive support came in at 2355. This drove the S&P up and out its downward channel breaking free at 2370. Heading for 2380 this is also a 50% retracement of its 2400/2355 range. I would like to see S&P test 2390 to initiate a short, with a view that 2400 is the all-time high as I've...
The 1 month channel (looking from 2 hr bars) shows a declining range. However, price failed to break below 111.50, actually bouncing off 115.70 to forma moderately higher low, an initially bullish indication. Now with price consolidating around 114, demand appears to be building towards a break up.
Strong channel up is being challenged this session open - watch for market to trade sideways from here