welcome to the video update for Monday, February the 15th. We are undergoing some changes to the efuturevision web site in the weeks ahead and because of some changes Trader Rick was unable to do a video update during the week last week. Hopefully this video update posts successfully! First chart is the eurostoxx 50 weekly and price put in an inside candle last week, indicating contraction. Both up and down scenarios are discussed. The daily chart illustrates the overhead resistance.
Trader Rick shows the inside week in gold last week on the weekly. Has the abc retracement pattern completed? Targets to the upside remain unfilled. IF prices move lower, take a look at the daily chart where we have an ab=cd pattern possibility, targeting just above the $1000/oz level.
If you trade the euro/yen pair take a look at the weekly chart which shows price breaking out of an 8 month consolidation zone. What’s next? On the EUR/USD weekly chart, price is in the fib zone with last week finishing as a doji. Note where it completed. On the daily chart, price is sitting right on the D target of the ab=cd pattern. If price moves lower look for the 1.27 fib level to provide initial support.
Next up is the 13500 volume euro chart where another ab=cd pattern is providing support. Is there a chance we may see a change of trend? What do we want to see first to confirm a change of trend?
The Canada weekly chart is up next with price in a trading zone. The dragon pattern is still intact.
Crude oil weekly is trading near support, threatening to break out of a channel.
The next chart is the 60 minute 30 year T Bond market and price closed Friday in the sell zone. Check price on Monday morning to see if a sling develops.
In the stock indexes, the NQ daily closed in the sell zone on Friday but note we closed on the high of the day, and this last leg up came after a bullish divergence, making a short a lower probability here. Trader Rick goes over the 15 minute and 2 minute ES chart for Monday’s trading.
Good trading!