30JUN12 (crossing over into early 1JUL12)
Changing the format up a little bit. Below is a bunch of 4hr/daily paired charts for the following (Think or Swim futures tickers): /GC, /DX, AAPL, SPY & /ES, ERX, /6A
Gold Futures (GC)
Daily chart hit the 1.27 arc & retrace Friday, closed at the 1.13 arc. Pattern looks like a possible 5-0 meaning a move to at least 1.618 green fib ~1614.30. Support levels (red fibs) are for a pull from Friday's high. 4hr chart broke through the top cloud resistance and last candle could be a backtest though it hit the 1.618 fib retrace/ closed under the 1.27 fib arc. My thoughts are a pull back into the cloud to test either cloud bottom/.382 fib ~1584.80, maybe touch .50 fib ~1577.7 Sunday overnight or Monday.
Dollar (DX)
Daily tested the donut (.886) on Friday and pulled back. 4hr suggests a move back up, however cloud resistance over price action and chikou looks like a possible rejection around .382 fib ~82.137 before another leg down. Breach the .886 and 1.27 level will probably be hit (donut run). The daily looks like a 3drives pattern on its last leg, meaning a move down to 1.27 ~80.908 or 1.618 ~80.311. But it has to breach the .886 fib. So far it looks rejected. A better picture with a few more candles on the 4hr.
Apple (AAPL)
4hr didn't tell me anything different from the daily so I did a daily/weekly pair. Weekly looks bullish, price action still inside the donut (.382-.886 fib levels) and though it can get rejected at the levels inside the donut I usually watch for a test of the .886 fib arc. On the daily Friday closed right around the cloud top, just above to be exact. Unless the pink/blue lines start pointing up I'd say it dips back in the cloud this week to at least 577.8.
S&P
Below is the 4hr/daily for the SPY
Energy (ERX)
Been tracking this for a couple weeks now. Thought it was going to pull for a BTD op, just didn't think it was going to pull that much. Daily tested the donut with the gap up to and over .886 fib. Breached and so my guess is a move to 1.27 ~42.79. 4hr suggests a pull to 39.29 before next leg up. However if it breaches that level then it'll probably fall to at least 37 to try to close the gap up.
Aussie Dollar (6A)
Daily breached the donut as well, looks like a move to 1.27 ~1.0209 is coming up to complete a 3drives pattern. My guess is the 4hr will move to hit 2.24 fib level ~1.0216 before pulling to at least ~1.005
Follow the rules: Cut losses quickly; Don't overtrade; Take profits/sell into strength; Don't chase, watch for the pullback; Have a plan and stick to it
Changing the format up a little bit. Below is a bunch of 4hr/daily paired charts for the following (Think or Swim futures tickers): /GC, /DX, AAPL, SPY & /ES, ERX, /6A
Gold Futures (GC)
Daily chart hit the 1.27 arc & retrace Friday, closed at the 1.13 arc. Pattern looks like a possible 5-0 meaning a move to at least 1.618 green fib ~1614.30. Support levels (red fibs) are for a pull from Friday's high. 4hr chart broke through the top cloud resistance and last candle could be a backtest though it hit the 1.618 fib retrace/ closed under the 1.27 fib arc. My thoughts are a pull back into the cloud to test either cloud bottom/.382 fib ~1584.80, maybe touch .50 fib ~1577.7 Sunday overnight or Monday.
Dollar (DX)
Daily tested the donut (.886) on Friday and pulled back. 4hr suggests a move back up, however cloud resistance over price action and chikou looks like a possible rejection around .382 fib ~82.137 before another leg down. Breach the .886 and 1.27 level will probably be hit (donut run). The daily looks like a 3drives pattern on its last leg, meaning a move down to 1.27 ~80.908 or 1.618 ~80.311. But it has to breach the .886 fib. So far it looks rejected. A better picture with a few more candles on the 4hr.
4hr didn't tell me anything different from the daily so I did a daily/weekly pair. Weekly looks bullish, price action still inside the donut (.382-.886 fib levels) and though it can get rejected at the levels inside the donut I usually watch for a test of the .886 fib arc. On the daily Friday closed right around the cloud top, just above to be exact. Unless the pink/blue lines start pointing up I'd say it dips back in the cloud this week to at least 577.8.
S&P
Below is the 4hr/daily pair of the S&P futures (ES_F). 4hr hit 2.24 fib levels on Friday which completes a W pattern. Could test the next fib 2.618 ~1363.75 before this leg completes. On the daily, the donut was breached (.886 fib), next test is 1.27 fib ~1371.72. Note that previous posts suggested a 5-0 pattern was setting up and a hit of 1379 would confim the pattern. Currently the 5-0 is still in play (the thin dashed blue line). Yellow line and red fibs are the audible.
Below is the weekly/monthly pair. No changes in the patterns since I drew it up several weeks ago. Not so certain of the 5-0 pattern on the monthly anymore. 1400 will be the real test for direction on the monthly-either the 5-0 (nasty downside) or a 3drives completing (a little more upside ie >1450).
Below is the 4hr/daily for the SPY
Energy (ERX)
Been tracking this for a couple weeks now. Thought it was going to pull for a BTD op, just didn't think it was going to pull that much. Daily tested the donut with the gap up to and over .886 fib. Breached and so my guess is a move to 1.27 ~42.79. 4hr suggests a pull to 39.29 before next leg up. However if it breaches that level then it'll probably fall to at least 37 to try to close the gap up.
Aussie Dollar (6A)
Daily breached the donut as well, looks like a move to 1.27 ~1.0209 is coming up to complete a 3drives pattern. My guess is the 4hr will move to hit 2.24 fib level ~1.0216 before pulling to at least ~1.005
View my other posts/give me some advice at http://part-timepennystocktrader.blogspot.com/. Follow me on twitter @BNGESG.
