Technical Support

I happened to glance across my charting universe and although equities are correcting nicely (as expected) one particular setup caught my attention. And it’s happening right now and right here:

In other news – we just hired Dogbert as our customer support representative. I have a feeling he’ll fit right in.
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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And here’s our victim – Crude Oil Light Sweet – just the way we like it. Now I don’t know if this line will hold – but it seems to me that we’ll at least see a bounce up here, after which crude will determine whether or not to continue with its current trend. So, the idea here is a long position with an exit around 114 or 116 if you want to push it. Of course – if I get stopped out I have no compunction about turning this trade and riding it down. More about that when/if it happens – right now the odds seem to favor a little bounce.

Equities just bounced in the past hour – what’s however a lot more intriguing is where the bounce happened. That’s right – exactly at the center line of my 25-d BB – which is the moving average. Now that’ll set up a bit of support right there – and if it breaches we most likely see 1270.
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Before I run – here’s something for non subscribers:

I posted a similar FX grid yesterday for the subs – under the heading ‘Deviant Behavior’. My point was that a basket of currencies was way outside the 2.0 standard deviation zone and that we would soon see some push back. Well, it happened even quicker than I anticipated. Take a look at those snap backs across at least five pairs. No, I don’t have a crystal ball but I do grasp the concept of probability – this was just a matter of time – and in this case time was seemingly running out fast.

Cheers,

Mole