Welcome to the video update for Thursday, May the 27th. If you trade gold, remember to roll to the August (Q) contract. Grader Rick starts with the EUR/USD pair weekly chart where we continue to monitor an ab=cd pattern with a D target of about 1.1400. With price trading outside the keltner channel on a large timeframe we know the downtrend is firmly in place. The daily EUR/USD chart shows a baby slingshot and now a possible double bottom. If price takes out the high of last Friday we will watch for a potential dragon pattern. One reason we may see higher prices in the near term is the 60 minute chart showing a possible completion of 5 waves down.
Next up is the weekly Canada chart where price is currently testing a support band between 9212 and 9300. On the 1800 tick chart we are monitoring an ab=cd pattern which has bullish implications.
If you are a crude trader take a look at the daily chart and see if you recognize the candlestick from Tuesday’s trading. What are the implications? IF price moves higher, what are the overhead resistance levels? The 60 minute day session chart shows price traded completely outside the upper keltner channel in Wednesday’s trading.
Moving to the stock indexes, first chart up is the 13500 volume ER chart where we find price in the buy zone after making a slight new high in early trading on Wednesday. In the ES, Trader Rick shows the 129600 vol chart where price found support at the .618 fib. If price rallies see where overhead resistance may come in. Last chart up is the 60 min day session ES chart and overhead resistance is pretty clear on this timeframe. See if the MACD is telling us to look for a buying or a selling opportunity.
Good trading!