Friday, October 25, 2013
Morning Charts 10/25/13
Minis 15m - Green rising wedge busting support and the backtest of the yellow channel busted support all just above LT pink channel resistance forming a gray wedge as price consolidates.
Minis 60m - Green rising wedge busted support challenging upper pink channel resistance as it backtests the yellow rising channel's busted support.
Minis Daily - Busy, but here you can see all the formations I discuss all the tile. The pink channel, upper blue LT resistance, critical red support and below the end of the yellow rising wedge that was the larger dominant formation that price is overthrowing here at this time.
Dollar - /DX - could be about to make a serious breakdown. Rising beige wedge busted support and green channel is breaking support as well. They may be about to enter serious dollar destruction mode.
Oil - /CL - Price here I don't trust one bit, but testing red LT support and backtesting HnS neckline at $98 support. Looks like a breakdown is possible, but I think MENA disturbance is about to ramp back up.The Saudis are not happy with us at all. A breakdown here could signal more troubles for the dollar IMO than anything.
Gold - /YG - Tinkering with the 38% retracement channeling south. Possible daed cat bounce here and might be gearing up for another run north.
Index Comparison - Dig the Trannies run and the DOW is lagging or leading?
More to come below.
Enjoy the weekend.
GL and GB!