Friday, October 23, 2009

EUR/USD Weekly

The WEEKLY chart is a little busy due to the Fib Retracement on there, but it is there for a reason.

Yellow rising wedge plain as day. Note that it is in a battle with its next to last resistance line before approaching the top. The next stop if it gets thru here is the 78.6% Fib and the resistance at that same level. Another thing to note is that when it tanks it tends to fun a ways and in a hurry. Also notice the indicators. They are spent. There is not much room to run. If this resistance is taken out look for the EUR/USD to top at the $1.52 level and for the other indexes to top there as well.

2 comments:

  1. shank, great call on the backtest spx and vix

    what about monday gap down

    can the vix explode from here

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  2. I'll have to digest it. I'm om record calling for more downside after a pop cause the dailys are still negative and it will take one heck of a whipsaw to make it turn. I'm stoked about the call from last night in the face of a major up day and AMZN earnings - always trust the indicators. Check back monday AM or sunday night. Thanks for the compliment and the views.

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