I spent a lot of time last year incorporating this chart into my analysis here last year, and how it pertained to equities keeping their trend in tact. Over the last week, there’s been a swift leg lower in the USD/JPY, and it makes sense to zoom out to see it’s implications.
Here’s a look at the trend going back to the 2012 breakout. As you can see, the trend has started to fail:
A closer look shows that this 117 level has been a key level of support, as the trend started to level off. You can see a clearly defined head and shoulders pattern that formed throughout 2015.
The last time we saw a multi year trend this steep was 4/95 – 8/98, which I’ve used as a comparison on many occasions over the last year.
Here’s one quick look at the dollar via $UUP. The near term downside target on this is $24.75, or in /DX terms near $94.
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Sold some TSLA at 154.57. Bot yesterday at 147 and pre market 141.61.
Keeping a 1/8 position into earnings
Is this going to be a ping pong type day? That initial move was awesome to behold!
Stopped out late buyers yesterday, initiate shorts at the open…turn and burn. So crazy.
and burn some more.
So… bearish in technical terms?
I’m in LABU from $5ish and PAH from $6ish from yesterday. Need me a rally!
I will be shocked if TSLA closes green for the day . If it
does then we have a serious gambling problem in today’s version
of a stock market . This is a sick sick company and the Muskaphiles
are going to get a well deserved colonoscopy without anesthesia .