- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.
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Tuesday, 13 April 2010

Same S**t, Different USD

I'm still on vacation until the end of the week, but I've been keeping an eye on the markets in my absence. Still no real sign of an imminent equities top so far, but the evidence that USD has peaked for the moment looks powerful.

The main USD rising channel since November has broken, and the first five wave sequence up in USD would therefore seem to be finished. I've marked the likely fib retracement targets on the chart, and have a provisional channel for the first wave down:


As for SPX, the melt-up of this wave 5 (or wave 3 extension) since the Feb 5th low continues. The latest wave channel looks likely to break up soon though we may well see another touch of the main lower channel trendline before that happens:


This USD top is significant though. There's now a distinct possibility that the likely abc correction in USD will bottom as this wave 5 up (or wave 3 extension) in equities tops. That's mixed as far as good news goes though, as that abc is likely to take us into May.

A bit of comic relief I'd like to share with everyone. A man pleaded guilty yesterday in Leicester (UK) to some extremely innapropriate relations with a donkey and a horse, and when his lawyer was asking for bail before sentencing he admitted that 'the defendant does not have a stable address'.

Click the donkey for the full story:


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