Price starting to test the area that could prompt a breakout from the decade-long converging range.
This is the right area to watch for a bounce in the Dollar and the UUP fund. View the latest chart at See It Market.
The modest rally in the Yen that we predicted in our February post has advanced nicely. Now price is approaching the area we have been watching for a downward turn.
Last week's spike in the British Pound caught some traders off guard, but if you have been following our posts at See It Market you were prepared for it.
April bulletin from Trading On The Mark
Now that price is testing the first major resistance area, it's time to reassess the trade.
March 2017 bulletin from Trading On The Mark
Here we examine the two most likely paths for the Dollar this year, and we'll expand on the analysis in the next edition of our newsletter.
February 2017 bulletin from Trading On The Mark
In our latest video, Tom narrates the decline in the British Pound and related ETF, with special attention to scouting for further shorting opportunities some months ahead.
It was late August when we suggested that See It Market readers should watch for a pullback in gold prices. In subsequent months, shares in the SPDR Gold Trust (NYSEARCA:GLD) retraced more than 75% of the gains they had made since 2015.
The British Pound appears to be following the script we described in our July post and refined in our October post. The next phase of the Elliott wave pattern should take the form of a bounce or an upward/sideways consolidation, and other technical tools show how far upward that pattern might reach.
It was the first week of August last year when we suggested to readers here that gold had probably reached the end of the rally that had buoyed it since the start of 2016. Soon after our post, futures began a decline that retraced about 75% of the whole rally.
The big-picture pattern in treasury bonds has been working well for several years and has allowed us to predict some major inflections. There are however signs that treasuries and the iShares Barclays 20+ Year Treasury Bond ETF (NASDAQ:TLT) may be ready to move into an entirely new phase. Here we take a quick review of our performance with TLT in 2016 before considering where treasuries should go next.
It was mid-July when we suggested a countertrend trade in the iShares MSCI Italy ETF (symbol EWI). Although the economic news out of Italy at that time was mostly bad, we thought the Elliott wave chart pattern offered reasons to expect at least a modest bounce from support. We then revisited EWI in November.