nmike

nmike Mod

This set up usually best after a steep decline or a strong run up. The main thing to look for is DIVERGENCE. You can use other momentum indicators to spot divergence. Here I've used a slower momentum TRIX and a faster momentum StochRsi. When averages are too far apart that is also is a sign that price has gone too far away from the mean so it often signifies...

nmike Mod

The EURO is in a clear down trend . Currently the Fisher is over extended so we will most likely have a counter trend rally to top of red resistance line & R1. As long as this trend stay intact, the EURO will resume the down trend roughly following the outlined arrows. Fisher above mid-point could signal a trend change.

nmike Mod

TLT is showing some signs of weakness, it's in a falling wedge and below the 200MA. The long term up channel trend is still intact. I have placed 4 support levels in the event of a channel and wedge break. In the near term I it is likely that TLT will hit the top of wedge or esistance. If Fisher stays below mid-point it is likely that TLT will fall rather then rise.

nmike Mod

Here I've combined CLONING with TREND LINES.The current candle pattern,which is the first thing I look at, is clearly in a bullish trend. A pull back to one of the red support lines is possible. IF USDJPY can rise and close above reference channel and clear the nearby trend line, the next near term target is the trend line just above. The DPO (13)monthly above /...

nmike Mod

I have drawn a reference channel using the 3 pivots as shown on chart, then I cloned it. I also drew a box from the bottom of reference channel to the SPY TOP of 2007. Looking back, you can see that SPY turning points happened at or close to channel boundaries. Now, since we no longer have an historical pivot high we can now use the cloned channel boundaries as...

nmike Mod

After a few volatile days the SPY is back above the 100MA and the FISHER (300) is still above mid point. Assuming that the trend continues, SPY is likely to reach it's previous high at top of reference channel in the short term and continue on to top of green CLONE. Since we all know that price action does not follow a straight line, I placed a 50% Fib....

nmike Mod

Last week GLD found support at a key pivot level and so far this week we have a nice GREEN candle forming.The near term targets are the top of current red down channel and or the bottom of clone red channel. IF GLD can get back inside the green channel it is likely that GOLD will resume it's long term uptrend. For the time being I still consider GLD bearish...

nmike Mod

This was a picture perfect CLONE HIT.The reason why cloning works is that more often than not price movements tend to move with equal up and down swings. They also plot support and resistance levels, but the best thing is that CLONES give you price projections.Like any other technical tool, it is best used with other indicators for further confirmation.One that...

nmike Mod

At 1, the RSI(7) was falling and a consolidation pattern broke to the downside. At 2 the RSI was rising and forming a positive divergence, the tall green candle was the confirmed long signal.The trend continued up and a consolidation continuation pattern formed at point 3 and price stayed above the 10MA. At 4, the RSI was overbought and formed a negative...

nmike Mod

Currently FB is bearish, below 10 & 50MA and TRIX below mid-point.There was plenty warning of a top when FB had a double breakout failure and negative divergence near clone resistance.I consider DIVERGENCES early warning signs of tops & bottoms especially on monthly charts.With FB we also had a DOUBLE negative divergence, extra warning of a top. IF trend continues...

nmike Mod

....ALERT..........GBP is currently at bottom of symmetrical triangle. If trend line line is broken you could see GBP fall to near term target at KEY SUPPORT 1. The stochastic is currently in a neutral area. Symmetrical triangles usually resolve themselves in the direction of trend.

nmike Mod

SPY is currently at wedge trend line resistance.We have 3 basic scenarios at this point. 1- SPY breaks trend line to the upside to a near term target at top of CLONE. 2- SPY consolidates down to lower trend line or the bottom of current channel before moving higher. 3- SPY breaks support at bottom current channel and corrects mid way or to bottom of reference...

nmike Mod

Apple is in a long term downtrend.Even on a 45 min frame you can see the 80 and 100 averages are pointing straight down. Shorter term we are currently in a mini rally where price is likely to reach the top of reference channel .If price clears the top of red channel the next target is the gap resistance and or the top of CLONE. Since Apple is in a clear long term...

nmike Mod

After a CLONE hit, the EURO broke CLONE B boundary and is currently at 2 support levels, if broken and the FISHER falls below mid-point, the EURO will fall further , most likely to KEY support at point A. So far this looks to be just a correction within a the long term up trend.

nmike Mod

Markets run trough a cycle that starts with panic, evolves into cautious buying, then displays increasing confidence. That's followed by universal confidence and complacency. When the complacency is seemingly well entrenched, some cracks in the structure may start to appear.There are unexpected sell-offs that produce lower lows rather than higher lows.The next...

nmike Mod

2 months ago I published a monthly chart of USD/JPY At that time I noticed a significant DIVERGENCE. On monthly frames DIVERGENCE is a sign that a long term bottom is in place and a start of a new bull phase. Now we have this parabolic move run up as seen on the daily chart. This move will most likely continue to at least the KEY resistance if price can...

nmike Mod

DXY is showing a Head & Shoulder pattern and has broken the top (trend line) of the blue channel.Failure to hold at bottom of reference channel the next target is the first support line or the bottom of blue channel. Blue dots are pivots used to draw channels.

nmike Mod

I've drawn a channel based on the 201.17 & 77.51 pivots. Then I CLONED the reference channel and look what happened; a MONTHLY shooting star that close just below the top of a CLONE. At the same time there was a significant negative divergence and a much lower EFI bar.On a monthly chart, more often then not, this scenario is a sign of a SURE TOP. Now you can use...