- 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
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Monday, 8 November 2010

US Dollar Bottoming?

USD failed to consolidate a new low last week and closed the week above triangle support:

On the daily USD chart we can see positive divergence on RSI and a big spike on Friday that has been continued in the forex markets over the weekend:


AUDUSD hasn't reached my broadening formation target but has nonetheless reached an interesting level:


Copper is now close to making all time highs. Copper has made highs over 400 twice before in 2006 and 2008 but has retraced sharply afterwards both times:


So where does that leave us on SPX? Near a wave top I think, but I'm not expecting to see the main wave top until the SPX IHS has played out to target in the 1244 to 1250 SPX area. I'd be surprised to see SPX top here, and the break up through the top of the rising channel of recent weeks leaves the path open to reach the SPX IHS target in the next few days:

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