Recap Ninja held Y-0 early in the week as support. Gave us a go for retest of Y+1 and potential upside breakout. Breakout happened but slammed back down hard on b.s. news. Y-0 was taken out on obvious stop run too. Yet, ninja immediately popped back up. Closed the week above Y+1 and midpoint.
Outlook Since we cannot tell if the wild actions last week was a double stop run or if it is some kind of participants acting nervous, we can only assume both extremes are rejected. Until B+1 is cleared we do not have a clean upside breakout in place.
For now, B-0 should hold and give us a retest of B+1.
If B-0 is breached, it is likely we get a coil up first before another breakout play.
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Lawrence's Comment
Recap
ES tight range consolidation around previous week close until Friday. Gap down to Y-1 led to breakdown move with Y-3 target tagged. Closed the week below Y-3 and near ...
Lawrence's Comment
Recap
Bear flag breakout like Dow. ES rallied higher to fill the open gap above and then stalled. Closed the week at Y-2 and above midpoint.
Outlook
As long as B+1 acting ...
USDJPY Nov 11 to Nov 15 Outlook
Lawrence’s Comment
Ninja held Y-0 early in the week as support. Gave us a go for retest of Y+1 and potential upside breakout. Breakout happened but slammed back down hard on b.s. news. Y-0 was taken out on obvious stop run too. Yet, ninja immediately popped back up. Closed the week above Y+1 and midpoint.
Outlook
Since we cannot tell if the wild actions last week was a double stop run or if it is some kind of participants acting nervous, we can only assume both extremes are rejected. Until B+1 is cleared we do not have a clean upside breakout in place.
For now, B-0 should hold and give us a retest of B+1.
If B-0 is breached, it is likely we get a coil up first before another breakout play.
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