Had a few requests to share my chart setup, so feel free to make this chart yours and save the template. Indicators used: 1) Ichimoku to get an idea of general trend direction and key support/resistance levels. 2) Directional Movement Index to get an idea about trend strength. 3) Candlestick pattern indicator (hammers, etc.) for confirmation. Tbh, you don't...
The Economic recovery in the west is important especially with weakening demand in Europe and a fragile US recovery dependent on consumer spending and business confidence. Oil at $40 a barrel will be a welcome relief, even $30 a barrel is not unreasonable seeing in 2002 that was where Oil sat. Frankly $100 a barrel was too much.
Silver already broke out of its daily downtrend line. For more than a month, it has been building a daily bottom but still couldn't really breakout of the 16.5 resistance zone. On its way, it must pass the 16.2 minor resistance zone. 17.5 and 19 are my extended target levels for the potential bullish move.
Although there is naked structure of resistance and no confluence, I would like to see some bearish divergence on the RSI to confirm this pattern reversal. Nasdaq have been bullish quite sometime and it is indeed due for pullback to catch a breathe.. This pattern could very well confirm that. Looking to take a target no more than previous resistance now turn...
US30 longterm outlook on the weekly chart. Bearish butterfly. Strong support around 14023 on the X leg. Target 1 will be at 14436 at the 23% fib level. if the bears can break structure on X, then roll stops and look forward to target 2 at 12841 on the 38% fib level. Trade at your own risk.