Thursday, 5 April 2012

Gold and stock indicies & EurUsd etc etc

smells,looks and feels like a correction in the Dow/S&P etc and the technical picture matches current fundamentals angst about eurozone worries. So i am expecting a sell-off which would carry Gold and EurUsd lower and the S&P emini (M12) to 1375 and then 1359 and EurUsd back to test 1.3000 on the CL of the Feb Fork (1.3485, 1.3014 mch15 & 1.3380 on 2 april).
First we need to touch the d/sloping CL ( here seen in the Russell emini 2000) and although forks for me are not 100% reliable in a sideways market ( failure up then failure down and so on) a touch would show the overall weakness that is needed to carry price lower as would a failure in the local Mod schiff 15 min fork in blue seen below.If i wanted to add to my position taken this morning at the arrow i would consider price beahviour around the down sloping RL when/if it gets there.
FYI-most of the odd forks drawn in the EPM12 chart below are inserted for the reaction lines and are not standard Andrews forks.

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