Tuesday, 9 August 2011

GBP/USD daily chart up trend

Parallel trend lines and bullishly crossed moving averages indicate an up trend ...



ASX 200 the day that was

I don't know what will happen next, or even what is likely to happen next. But I do know what happened today. Here's the action from 10am to 4:10pm Sydney time...


Silver parallel trend line being tested

Silver is either a raging buy right now, or about to become a raging sell... okay I'm exaggerating, but it's in an interesting place, I think...


Aussie ASX 200 expect a 150 point drop this morning

Monthly chart, including overnight trading... the ASX 200 closed at 3986 on Monday, futures are currently pointing to a Tuesday open of 3837...


Why am I repeatedly presenting the ASX 200 in monthly chart form? Because I want people to see that the next leg of the bear market has likely only just begun, as indicated a new monthly close below the 40 month moving average (July), and by momentum only just now turning negative. No Mr Swan, everything's not going to be alright. Presenting such a clear doom and gloom picture does not give me any pleasure at all, I would much rather that Australia was in a healthy bull market, but that chart, it is what it is.



S&P 500 bear market parallel trend lines

Long term daily chart, arithmetic scale, showing parallel trend lines...



I found the three bottommost / leftmost trend lines very useful during the 2007 to 2009 bear market. In fact the bottommost line enabled me to pick the bottom in 2009, and take in my shorts.

The two uppermost / rightmost lines are pure speculation at this point, but IF that trend channel angle is still of value, it's possible that the current plunge will continue to around 1000 before encountering trend line support.

AUD/USD, EUR/USD, GBP/USD lower

Hourly charts for each.

AUD/USD...



GBP/USD, possible double top. Either that, or a range...



EUR/USD, this one also has me a bit stumped, not sure if those trend lines are much help, but no better ones have jumped out at me today... 


Moral of the story, only trade the markets where the picture is clear.


Gold rockets, Silver ranges

Daily chart for both.

How high will Gold go? Nobody knows...



Silver continues in its range.... nothing to see here, move along...