Loading ...Classic Chartology 101
Rambus has often shown a pattern he calls the 1 2 3 4 breakout
This is the Weekly Yen ( Unfortunately)
Notice the Black pattern had 4 reversal points and then broke out ( down)
But zoom in on the breakout sequence
Red Numbers
1…bounced one last time off support
2…reversed after a short bounce
3…broke out and then a small rally
4…retest
Next if this classic breakout is real….an impulse move down
Cool chart. Its interesting that FXY hit the 200 DMA at red 1 and bounced, then hit the 50 DMA at red 2 where it was rejected and fell this time right through the 200 DMA to red 3. Now its testing the 200 DMA from below at red 4.
A daily chart shows $YEN BT yesterday to a small SHS that formed on the way down. Today the rejection at resistance is confirmed. That’s the view from here so far.
Not many seem to be amazed at the chartology that presents in so many of these charts…There’s 2 here who do at least
Thanks for that Foxy
🙂
It’s why I got rid of most of my gold stocks and went to Visa and Mastercard, both of which I bought on a nice dip. The dollar is king, unfortunately.