A very interesting trading week just passed – now for the real moves.
Keep your eye on Gold. Even though we are bored with this market we may get a rally. You can see from the charts that we have a hammer reversal and are holding the 127.2% fib. Stock indices are diverging from each other as we see sell signals in the Dax. The FTSE is holding and still bullish but with no conviction with new PTS buy signals yet.
We got the push higher as expected on the EURUSD. But all we do is slam right into the daily resistance. We could go as high as 117 but that’s the junction where we could drop again.
Before BOE held rates. we were already getting long due to our 4 long signals. Once again the charts led into a big news announcement. If you know how to trade news then it can be very profitable. From a swing time frame the GBPUSD had a 3 wave long signal and so it was time to tighten up stops.
Trend Predictor weekly short signal is still in play here so we could see some down side action.
We are stil holding support in this market. We are not free to move lower until we break the Fib support.
Continues the ABC correction. Looking for prices to drop lower.
We are seeing a hammer reversal today at the 127.2 fib extension. Could we see a few days of up days?
No major signal yet but we held the 76.4% which could indicate a new wave 3 is just starting
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