Forex Yen could surprise to the DOWNSIDE, mkt internals are signaling something brewing beneath the surface. Use the Andrew's Pitchfork to identify points of FAILURE (down) or CONFIRMATION (up).
Andrew's Pitchfork FAIL-ure to the downside, expect mkt to rest Upper Median Line (UML) break-UP line, good risk. Review how sensitive Zero coupons are to rate moves. Nuff said. Happy Holidays to 1+all. Share the wealth.
August will be a politically volatile month. VIX Aug futures r 2nd most active series. Technically the mkt remains above the Longest Line so value favors the highs. The Andrew's Pitchfork is trending up with good target levels against UML (red arrow/MIN target) Watch for violation of recent VIX highs at 37-38. Note the boxes, maybe repeating again heading into August.
Denka Ltd. Is now at the 50% low-high level of recent Jan 2018 swing high (dashed red line / 3263). A rejection at these levels will target the longest line volume profile around 2,000.
Break below 17.95 will set off further weakness. Target purple dashed line (~1/2 way level).
Note high volume day (red arrow) and what happened to price? Law of #EffortVsResult
Technicals point to continued weakness.
Both top & bottom indicators (circled) near oversold area and moving up.
Pitchfork shows Yen in value area low zone.
Higher lows 3 times show stepUP pattern.
