Obligatory Correction

The gloves came off mid October and in the ramp that followed any remaining grizzly specimen were added to the extinction list. Not so coincidentally it’s been silent here ever since, which tells me that many of you rats are still afflicted by a chronic bout of directionites. The cure is right in front of you – you know what do. Meanwhile it’s been business as usual down here in our badly decorated trading lair and the green lights keep flashing happily. Today’s mini-correction comes as no surprise although we did expect something a bit less obligatory.

It seems that the 100-hour SMA is now acting as support, although I would enjoy a more thorough test, which would provide us with a bit more of a buffer zone. It’s time we finally abandon the 2k range – and if possible to the upside.

Mind you there is a forest of Net-Line Buy Levels in the way and if we finally close above ES 2015 we ought to be good to go. The BBs are swinging higher which opens the door for the final ramp higher. However, technically speaking it would be best to see a more pronounced correction here, today’s little dipper is nothing to write home about.

Setups – of course: AUD/CAD once again near a big seller and if it hops over that NLBL I am going to be long. Until that happens I’m short with a stop above 0.99535.

More below the fold – secret decoder ring required:

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Cheers,