Yet another attempt at calling Risk Off. Signals not confirmed but price action (big black candlesticks) of current week suspicious. The charts here are all good risk proxies.- S&P500 : Weekly UpTL at 1043 being tested. Nikkei SHS top still on.
- Copper : Failure to sustain break above recent high at 296.6.
- ED Spread : Right shoulder looks mature. Been to 84/85 twice now and pulled back sharply each time.
- AUD/USD : UpTL at 0.8880 (early!). Still some way off but caution warranted. USD/CAD + USD Index looks to have broken DownTLs. EUR/USD has similar price action to Copper above.
- Another false alarm? Possible. The problem is that everyone is trying to call this turn, which makes it hard for it to work.
- Exhaustion is the word to describe these charts.
29 October 2009
A Few Possible Tops
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