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There may be a good move to the downside setting up in the Euro. Support was broken, but we need to see where it closes. You can see the SOT that has been playing out for some time.
I would have thought around the 1.4425 area where it retests the congestion, plus you have confluence of trend lines with horizontal resistance and the supply line (diagonal) coming together.
I think its interesting to note the behaviour. This is just price but I think it would be pretty hard to make any sense of volume at this low of a viewpoint.
Don't know how much value one can extract but I think one can clearly see a change reaction and urgency of the seller's reaction.
Two SP500 Weekly charts attached and a Monthly chart ..
mmh!?! .. looks like the market gets weak or confirmed weakness .. look out for imminent market collpase! .. nah just kidding .. but still we have a serious weakness in the making .. and that on a critical level ..
Nice set of chart analysis. I'm interested in how you determined it, so I have a few questions. I want to learn from your analysis.
1. What is your reasoning in using a line labeled "retest of critical area"? What's the concept?
2. What do you mean "clustering closing"? What is a cluster?
3. In your use of "overbought" and "oversold" lines, do you mean that if prices cross over these lines that there will be a reversal or that these would be good places to buy or sell?
4. I'm guessing that you're implying that a crossover of both an oversold line and a demand line shows a price weakness and a high probility down trend? What's the basis of this?
Thanks for your insite.
Also, you found a good example of Wyckoff waves in your Disney chart.