When considering cypher patterns more than one is possible at the beginning. For now we are looking at a Gartley Bearish or AB/CD Bullish cypher(S). If the 1st retracement in this study jumps from a .618 to .786 reading, the Gartley is negated but the AB/CD still has legs and also A Butterfly bearish pattern is possible. Will update accordingly and negate if the...
Looking back over previous few years price action we can see a sharp trend this time of year for natural gas futures.
The technical measurement Williams%R shows a strong Bear trend is either in play or is pointing to a very strong reversal.
The prior 2 days of movement NG printed a nice spike upwards followed by a strong retracement hitting new lows.
Trading USDCAD sparked an interest to play with futures.
So far the FastBrokers Pathfinder demo test-drive is fairing well.
A bullish reversal in the USDCAD 1.26 range is possible.
So the study is for CADUSD futures contracts possibly turning bearish in the upper .78 down to mid .78 ranges.
UCAD is 180pips away from a confirmed Head and Shoulders, weekly study.
Watching price action this week for bear continuation or bull reversal (see my USDCAD Bearish Butterfly study below).
Also keep an eye on EURUSD staying above 114/115 range and of course any Oil fundamental reporting.
Whenever discussing the multi month BTC run up I always said "volumes speak volumes" and the volume was never here to support it let alone sustain.
Expecting some new recent lows in the high $1700 range.
If BTC breaks $1600 a 50% devaluation from the current price is not unrealistic.
Note: last summer BTC was trading in the $750 range.
Note: I have another Long bear study for this pair.
While this pair remains in a long Bear channel, it did not take advantage of a recent double top and is actually staring at a significant double bottom.
It may seem crazy to think EURUSD can race towards the 1.20 range but looking at some very simple averages we can see even racing all the way up to 1.25 still...