The weekly chart is pretty interesting looking here for a few reasons:
1) we had a large channel break and have run up steadily into 4 year old resistance (8800 area)
2) if resistance holds, I want do short below 8800 for 100-200 pips, maybe more but at least that. Then look for an entry long around the .8000 level
3) if this all plays out we could see 600-1000 pips of movement long term.
This pattern is huge and could take a long time to play out.
The short term opportunity is to short trend line breaks as long as price stays below 8800, looking for 8650 and below as potential targets.
1) we had a large channel break and have run up steadily into 4 year old resistance (8800 area)
2) if resistance holds, I want do short below 8800 for 100-200 pips, maybe more but at least that. Then look for an entry long around the .8000 level
3) if this all plays out we could see 600-1000 pips of movement long term.
This pattern is huge and could take a long time to play out.
The short term opportunity is to short trend line breaks as long as price stays below 8800, looking for 8650 and below as potential targets.
Jared Johnson
Union Hedge Funds
Union Hedge Funds