Nice move across the board on the first trading day of the year. Here's a few charts. For a more comprehensive view join us at BullBear Trading Service
After a couple of months of lateral consolidation around the 61.8 Fibonacci retracement of the entire bear market the NDX has broken out, flagged and continued today. Could a retest of the 50 EMA be a good entry point? Will the May '08 high of 2062 be the next target? Is a 100% retracement in the cards?
New Zealand Dollar
Did the Kiwi break out of a bull continuation flag today? Would a retest of the 50% Fib level, the flag breakout and the prior major uptrend be a good entry point? The false break of support at .70763 may be a bullish indication of a move to the former high.
Gold broke strongly above resistance at the 23.6 Fib level from the December top and recovered the uptrend from the August bottom as well as the 50 EMA. $1150 at the 50% mark could be a target. Note the nice reverse head and shoulders pattern formed over a 3 week period which also precisely forecasts a target of 1150.00.
What do you think? Interested to hear your comments or see your charts.
Happy New Year!