Recap Tried hard to produce the extreme bearish formation of Y-1 acting as resistance and failed to do so. That points to a retest of previous close area that just happened to be Y-0. The tagging happened later in the week.
Outlook Rejection of going lower from Y-1 means Y-0 and Y+1 are in play.
Once we get a breakout above B+1, Y+1 is likely.
The less likely scenario is that it drops back down to Y-1 for another fight there. As long as B-1 acts as support, it is not a good short formation.
Lawrence's Comment
Recap
Par level failed to hold induced a slide down to 0.99. Closed the week at the low below Y-2.
Outlook
Failing to hold par level means 0.98 in play ...
Dow 30 May 30 to Jun 03 Outlook
Lawrence’s Comment
Tried hard to produce the extreme bearish formation of Y-1 acting as resistance and failed to do so. That points to a retest of previous close area that just happened to be Y-0. The tagging happened later in the week.
Outlook
Rejection of going lower from Y-1 means Y-0 and Y+1 are in play.
Once we get a breakout above B+1, Y+1 is likely.
The less likely scenario is that it drops back down to Y-1 for another fight there. As long as B-1 acts as support, it is not a good short formation.
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