Trading Edges That Last
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Lawrence's Comment Recap Intervention shock messed up the markets worldwide. Support at Y-1 failed to hold as everyone was trying to get out of the door at the same time. A ...READ MORELawrence's Comment Recap As projected last week, a test of resistance first and then a drop to target below. Very orderly. Closed the week above midpoint and Y-1. Outlook Support zone acted ...READ MOREAfter having too much fun at dinner parties and alcohol consumption, I am joining the crowded game of making predictions of the financial markets for the coming year 2016. Last ...READ MORELawrence's Comment Recap A bounce was expected as mentioned last week but the selloff part never happened as central banks around the world decided to interupt the normal functioning of ...READ MORELawrence's Comment Recap ES flushed down to the downside target area and bounced quickly back up to above Y-1. That staged the rally back up to challenge the open gap above. Closed ...READ MORELawrence's Comment Recap Strong reaction to Y-1 as expected. Bounced all the way back to Y-0 and more. 1.61 breakdown level retested and stopped the run. First test led to a drop ...READ MOREUSDCAD Dec 05 to Dec 09 OutlookUSDCAD Nov 12 to Nov 16 OutlookAUDUSD Jul 16 to Jul 20 Outlook2016 Predictions on Stock Markets, Currencies and GoldDow 30 Dec 05 to Dec 09 Outlook3DP Odds Table (USDCAD) 2013-06-25S&P 500 Aug 26 to Aug 30 OutlookAUDUSD Apr 06 to Apr 10 OutlookAUDUSD Jun 17 to Jun 21 OutlookGBPUSD Nov 11 to Nov 15 Outlook
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USDCAD Aug 19 to Aug 23 Outlook
Lawrence’s Comment
Expected a retest of the support zone below Y-1 but loonie just refused to get there. Popped right off previous week close and back up to Y-0. Then reacted violently back down yet bounced off from a higher low and keep trying to push higher. Closed the week above midpoint and below Y-0.
Outlook
Not quite spike and ledge pattern. Not a properly formed double bottom either. Messy setup going into next week.
Considering only chart pattern, we have a bear flag / ledge type formation that points to continuation. Since this pair had a drop from Y+1 down to Y-1 before entering this consolidation, the continuation move points to below B-2 down to Y-2.
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