I have been early on it, but there is now an even more interesting pattern developing on the U.S. Dollar/Japanese Yen cross, which I will discuss this weekend most likely either here or in my Strategy Session.
Can you spot it below?
(Hint: My April 2012 bearish post on DECK— Technical Voodoo Dolls Attack Ugg-Wearing Fashionistas)
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Is it 3 peaks and a domed house?
http://www.ritholtz.com/blog/2012/11/three-peaks-and-a-domed-house-revisited/
How’d that work out for him? Hahaha
@Tes: Definitely does not always work. But with DECK is hit well.
There is also an ending diagonal in that chart which I find to be pretty accurate for spotting pullbacks.
I call it the Whipsaw Tail of a Falling Kite.
I’m a simple man, but I see this Japanese reaction as little more than hitting a huge 61.8 retracement in the Nikkei 225 and EWJ, as well as overhead trendlines in the charts of each. What I don’t know, however, is how far down the reaction goes before we get a retest above (which I think will happen).