Thursday, 13 June 2013

E mini S & P + Dow plus USDX

 The emini S&P and Dow are having a bounce off the psychological 1600 level (ESM13) for the second time but is suspect we will be back there tomorrow or next week. an inverted V or a series of sharp inverted V's and then down through 1600? Or am i missing something and we should all fill our boots here with ESM13 at 1618??... No its no good, I can't see this being the end of the retracement ....i think its just the beginning of carnage and mayhem and a major shake out this summer and perhaps an autumn rally? The acid test is to draw the current PF off all the pivots including the Andrews P0 low and watch for progress

I know this chart below looks like i have used a kids wax crayon on it to draw the horizontal mauve PF but its to show you the power of the horizontal lines which work better than any others proportionate to time frame. I guess this rally may reach the middle around 1623? I didnt have the balls to get in long today as I do not trust this market and do not like the price action and have missed out on 5- 10 big points or so.
USDX below

A small bounce for the US Dollar index today as it pops up off this LMLP pitchfork ( which is a failed CL) then down thru tomorrow or next week? Or up from here? USDJPY puzzles me as i can see no support here at 94.00 but its a tad oversold so I wait and watch but am( was!) looking for 92.50 for a long.

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