Welcome to the video update for Monday, November 16th. Beginning with the europe markets the first chart up is the eurostoxx 50 weekly chart that has an aggressive 9/30. Be aware of the bearish divergence forming on this timeframe. On the daily chart price traded outside the upper keltner most of the past week indicating the current momentum and trend is currently strong. If price pulls back look for a buying opportunity. Be sure to catch the trading tip Trader Rick shares regarding the slow stochastic.
Looking at the weekly gold chart, price reached new highs last week. Note where the overhead 1.27 fib is. Price may find resistance at this level. Measured move target is revisted. On the daily gold we are still watching for a possible 1-2-3 pattern. If this pattern is valid then we will be looking for a pullback.
Next chart up is the daily EUR/USD chart Possible double top. Overall trend is up. Be sure to see the pattern that may be forming on the 60 minute EUR/USD chart. If this pattern develops we will see higher prices in the euro.
In the euro currency the weekly chart is an uptrend. Take a look at the 60 minute euro. We may have the same pattern forming as the EUR/USD 60 minute pair. This has bullish implications. Trader Rick goes over a 9/30 trading tip on the 4500 volume. Note the price action. It is key in evaluating the potential of this 9/30 conservative setup.
Weekly Canada chart still has the dragon pattern in progress. Price closed higher than last week’s high of the low candle. Price may be continuing higher.
Trader Rick goes over the weekly crude chart. Not much happening here. Two scenarios are given. In last weekend’s video update Trader Rick said to watch for an ab=cd pattern on the daily chart and the D target was hit. Price is also currently trading above support which is positive for continuation of the uptrend.
Next up are the index markets. Take a look at the S&P cash, the NQ weekly, the YM and the ES.
Check out the daily YM chart which contains a strategy to take profits in the uptrend.
Good trading!
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