- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
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Thursday, 8 December 2016

Looking For Retracement Here

Yesterday was a an unexpected trend day. Usually trend days arrive on Stan's cycle trend days but not always and yesterday was one of those exceptions. The double bottom targets that I gave on Monday morning for ES, NQ & TF have now all been made, and obviously this move is developing faster than I was expecting. This increases the odds of making the next significant high in mid to late December rather than January.

The trend day yesterday clarified the pattern setup here nicely on NQ & TF. Less so on ES, but that too is likely setting up for some retracement here. The obvious target would be rising support, currently in the 2218 area. ES Dec 60min chart:
NQ also likes a retracement here. NQ Dec 60min chart:
The main pattern that I'm watching here though is the beautiful rising wedge on TF. Wedge support is currently in the 1363 area and a break below should signal that the retracement is in progress. Until we see that break I have rising wedge resistance currently in the 1376/7 area, and that may be tested or overthrown before we see that break down. TF Dec 60min chart:
I'm looking for some retracement here, ideally today into the 2120-5 area on ES, and I'd expect a reversal there into higher highs. We'll see how that goes.

I tend to post the premarket video that I do for Daily Video Subscribers at theartofchart.net on twitter once or twice a week and I did that this morning. If you'd like to see that the link is here. That covers DX, CL, NG, GC & ZB as well of course.

Stan and I are doing a couple of webinars this month covering our expectations across a wide range of instruments in 2017. We are doing those after the close on Thursday and Friday next week and if you'd like to attend then you can register for those on this page here.

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