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Still have the Cable short to cover a $ rally and Stocks crumble.
Who knows what we will have on monday.
Never give up, never surrender.
INDICES: I don’t have a view on the various US stock indices for the coming week and I’m standing aside for the moment…
Yes, I can see the logic of a test of the 200MA in the 3,125 area, but there are too many ‘five up’ patterns which give me cause for doubt. This is particularly so for RUT and COMP.
EURUSD: turning to currencies, the EURUSD chart is of course showing the inverse of DXY.
The Euro went upwards to 1.20 in a clean three wave pattern. It appears to have peaked at 1.20 and is now tying to decline. It has already completed what appears to be a small ‘abc three’ from the top and has rallied back to 1.17 for an overlap to form ‘b’.
So EURUSD can now start to decline again. The target is an overlap of ‘a’ at 1.14. There’s also a strong support line at 1.15.
Although it has done all it needs to do for the ‘b’ rally to 1.17, it can go a little higher towards 1.18 or trade sideways to form a triangle. What happens over the next few days should clarify the situation.
EURUSD: on a medium term chart one can clearly see the importance of the 1.15 support line…
EURUSD: in the long term EURUSD peaked at 1.60 and formed a clear triangular topping pattern as part of an abc down to 1.20, a drop of 40 points.
These patterns usually have a lower target equal to the top formation, giving an eventual target in the 0.80 area which is also an exact 50% drop from the peak.
So we had ‘A’ down, and now appear to be going sideways in a triangle ‘B’. This triangle can continue for another two or three years.
If the topping pattern and target is correct though, EURUSD will eventually crumble in a final drop to the 0.80 area.
EURUSD: in the extreme long term EURUSD has an interesting rising support line that has been touched five times. That line is currently in the 1.09 area…
EURUSD: we can logically assume that the extreme long term trendline at 1.09 is the target for the current ‘wave D’ downwards swing in what appears to be a sideways B wave triangle and thus map a possible route down…
This week we are in the middle of the astros panic window
which runs from Monday 28th Sept to monday 19th OctNever give up, never surrender.
Monday should be spill up then S3L
Atm most types of analysis are likely to be corrupted !
Never give up, never surrender.
Monday should be spill up then S3L
Atm most types of analysis are likely to be corrupted !
Late action monday looked more like S3H
Euroland cash did a pop and drop which looks more
like spill up then S4L.So we await the US cash market to decide our lean.
Never give up, never surrender.
Everyday the bulls are hoping for US stimulus and UK Brexit deal news.
Everyday the bears hope they don’t get either.
IF both news events are positive then we should get a good rally
and a good drop if both are negative.Never give up, never surrender.
US stocks are completing a retrace pattern.
Nas done a few days ago, now the Dow with Spx a little higher to go.
Nas rejected the pattern as it found resistance.
No telling what Dow and Spx will do or even if the retrace is over.
Could say this wednesday we are at the mid point of 28/9 to 19/10
window for the astro repeat at the time of the March lows.We travel in interesting times !
Never give up, never surrender.
Depends on your STD lean but to me there is a case for
the US cash and or futures, to give back these gains
and that could be supported by Dax and even Ftse.A very interesting 90mins whilst we find out ‘what
we have got’.Never give up, never surrender.
US stimulus talks … all earnest endeavour … but no side wants
to give the other an election boost.Brexit deal talks … all earnest endeavour … but each side
has red lines the other does not want to stomach.I expect we get something done in both cases but the timing
of any agreements is tricky indeed !Never give up, never surrender.
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