What happened to better than expected and green shoots?
TTW traders have navigated through the fire very well this week, so congrats to this entire group! Let's stay steady and careful though... all hands on deck, all eyes on the charts. Even with yesterday's mega tank, BDI and Copper both finished in the green, and they were hinting of the downtrend only three days ago before we got our mini-meltdown. We are also approaching levels of support on NYSI that you'll see below, so some sideways action would not be surprising, but that neckline is looking very pretty on that chart right now. I have marked the target zone should it break and complete the pattern. Keep a close eye on resistance above if you're looking for a spot to get short, but make sure you have another eye on volume in those zones, and observe those candles.. there’s a lot of psychology they’ll provide to you. Have a very good weekend... this was an amazing week where we were able to witness the power of collaboration in a strong group of traders. My thanks to every one of you- we've all benefited from you efforts! If you have time today or over the weekend, be sure to read the article on your right side navigation zone by Ambrose Evans-Pritchard. Since I’m going to be stuck again indoors from this latest snow storm, I’ll be working on a pile of charts for individual stocks and will post as the weekend progresses, and hope if you have time you’ll share what’s on your radar as well. Trade well this afternoon! Edit to add: if you're going to attempt counter-trend trading, please be cautious.. the trend has changed and this is a very fragile market. If you have to sit it out and wait for a spot to short from, do so.
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This is my chart on EUR/USD. I noticed someone shared an EW chart from M-ville yesterday, but my target is a wee bit lower, based on this long term bear flag pattern on the monthly chart. Ambitious, yes. Let’s see how this unfolds.
Zig’s chart, and he has a projected possible turn time coming up at 2:00 PM EST today.
Osi’s Chart for Friday
