During the DXY run-up this past year, I noticed repeated ascending scallop patterns that were continually validated by breakouts. These were often on the 5 to 15 min timeframe, but If you look at the ascent even on the hourly chart, you'll notice the pattern reveals itself repeatedly. If you're a believer in using fractals in your trading strategy, you won't be...
Soybean oil futures closed last session on a long established support level and down fib extension. With crude climbing back up and after today's sell off this is likely to pop when the market re-opens.
Gold is currently sitting @ support levels on two different trend lines on the daily chart, as well as a down fib extension with a high % of trend reversal to the upside. If it bounces here I'll be looking for an entry on the re-test and confirmation.
I believe Gold will finally declare a direction in the coming days. If it holds the upward support and breaks out of the down channel, we could be headed for ATH's (as many have predicted) by late summer and into the fall. If not, I think it makes its way to 1760 until the next good buying opportunity.
I'm hearing folks get all worked up about this downward fib extension on the $SPX. They look at the monthly chart and declare that if it holds support the bear market's over and if it doesn't here comes the end of days. We might get a bounce at that level, but if you think it's going to big boy bounce to 4100 because it's a historic fib level you might be setting...
