23 October 2012

Chart Pattern : Copper Daily vs TY Weekly

  • Chart pattern = reflection of market psychology. Beyond the very short term, interpretation of patterns are time-frame invariant. History repeats because human behaviour don't change.
  • Price action of Copper daily (inset, top) and US 10-year Notes weekly (inset, bottom) look very similar. 368 on the former = 132-05 on the latter. If anything, the TY 132-05 support is even more significant than the copper 368 line as it is for a weekly timeframe and there are 3 previous tops at the same level on the left hand side of the chart immediately preceding the current cluster of candles.
  • Am anticipating a similar sharp decline in price for TY (as per Copper). Waiting for the break.

1 comment:

Taichiseal said...

New : -132-05