USDX: This is a reaction line study using historical non- Andrews PF's ("FNL" pitchforks) in weekly and monthly TF's. The actual forks are not visible here except for their RL's. The lines are drawn at specific intervals and represent warning + reaction lines from pitchforks drawn off three or more different sets of pivots some of which share the same P0 & P2 but not P1. They have captured the frequency. Here is a link to a previous post on this blog about USDX using the same charts
These two charts are identical but in LOG scale
and in arithmetic scale again below:
EMINI S&P & DOW
Are sellers in control of this market? All recent attempts to rally have petered out like a damp firework and have been accompanied by low volume. We failed yesterday at 1700 after a promising move higher. 1685 represents a horizontal ML location and if we break lower there are at least 10 big point before i can see any structure which lies around 1680. My own view is that we could see support here (1689 ES Z13) which represents a .382 Fib RT of the move since e/o Aug and on the emini Dow a .50 Fib RT
Watch the reaction line currently in play below in the emini Dow around 15290.. a break off the forks LMLP and up thru the RL could indicate a e/o week rally or conversely further weakness. For ES It looks probable that price will retest 1700
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