Where Are Markets Headed Next?
Nov 24 2012
Despite a low volume on a holiday-shortened session the US stock markets rallied sharply on Black Friday and closed in green more than 1%. The USD moved sharply to the downside and it seems that this is just a start of something bigger. The interesting is that reversal in USD trend from bullish to bearish mode has already been expected on November 16th when USD Index completed its ending diagonal pattern at 81.46.
What is ending diagonal?
We spotted this pattern on USD Index and EURUSD and immediately prepared our clients on scenarios for USD weakness.
USD Index 4h
But pattern on USD index was not the only one that was pointing for trend reversal in global markets. In fact two weeks back Gold already made five waves up from the lows, while the S&P500 was at interesting support around 1340. And when we saw a reaction higher on S&P500 from that level we were even more confident that USD will fall. And here we are today, EURUSD close to 1.3000, Gold at 1750 and S&P500 above 1400.
If you want to see big picture for these market please check our video from Nov 13th. You will find out where we think the markets are headed next.
New York time: 00:00:00
Local time: 00:00:00
©2010 - 2020 ew-forecast.comDesign: VOBI