Here is an excellent example of CHANNEL CLONING. At the moment X is in a very interesting area.It's near the bottom of the red clone channel, just above the reference channel and at long term support. Near term target, top of clone.
Once again this index signaled an oversold market. We had a positive divergence at the bottom of the BB(100). Official long if DPO gets above mid-point(almost there) and a break of trend line resistance.
No sign of a bottom on any time frame.The only positive is that price is at a key pivot level but candle pattern is still bearish.
Descending triangle in progress.Target, to bottom of current channel and then to resistance or straight to resistance.
If price breaks above Resistance,USD/JPY should reach point A, top of channel. If price falls below Support, look for USAD/JPY to fall to point B, bottom of channel.
Currently the SMII is in the oversold area.We will most likely have a counter trend move to the bottom of red channel and FIB level. Next target is the bottom of current (clone) channel
This could be a long term reversal for USD / JPY. Long if TRIX goes above mid-point (almost there). Use pull backs on lower time frames for entries.
DON'T BE LATE. Follow the technicals not the so-called fundamantel experts. Price target $344
Currently the CCI(100) is above mid-point and FISHER is turning up.That suggests an upside bias to at least the RED trend line resistance.
OVERALL LONG TERM TREND IS STILL BULLISH. The only short term concern I have on SPY, is what seems to be a DARK candle stick pattern.Let's see what happens during or near end Nov.
If the euro breaks the TREND LINE SUPPORT look for near term target of 1.2840
I don't follow this symbol, but since it seems to be a popular one ,I thought I would do a simple analysis on it. Simply BEARISH. Near term price target: the .5 FIB level.