April 22, 2021

Market Update 4/21 – Watch EURJPY Up Here!

I’ve been tracking EURJPY for a top as it approached the underside of the trendline from the 2012 low since February. On Tuesday, price spiked higher and reversed yet just missed the trendline. I ‘want’ to short. A break of the trendline from the November low is needed in order to trigger.
February 4, 2021

Market Update: February 2

AUDUSD responded to the 25 line of the Schiff fork from the March low. Recall that price topped at the 75 line (75 and 25 lines are magenta)…a perfect example of median line symmetry! Focus remain towards the lower parallel near .7413. Proposed resistance is .7640.
October 6, 2020

Market Update: October 6 – All the same market

I’m leading with Bitcoin today but it could be more or less anything denominated in USD because it’s ALL THE SAME. Obsess over news if you must but there is one real reason for market moves since late March…the USD. USD up and everything else down. USD down and everything else up. The chart below illustrates this fact. Regarding BTCUSD specifically, VWAP from the high was resistance. A break under the trendline would open up VWAP from the low and 2020 VWAP in the mid-8000s. The Elliot pattern suggests that an important low could form in that vicinity because it’s also the area of the former 4th wave low.
July 2, 2020

Market Update – July 2

USDJPY completed its flat and reversed from the well-defined 108.00/08, carving a bearish outside day today. 108.00 is the 61.8% retrace of the February-March decline. 108.08 was high print a number of days in April and May. The fractal nature of markets is on display in the chart below. The pattern from 6/5 to today is the same shape as the pattern from 3/24 to 6/5. That’s a fractal! Finally, I like that Yen futures held 2020 VWAP and VWAP from the February low. Very short term focus is on 106.92 although significant downside potential exists in USDJPY as long as price is under today’s high.
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