DrFork's Market Prong-nosis and Fork-cast, Boxing Day 2016
A belated Merry Christmas to all of the BT crew. Hope 2017 is a great year for all in and away from the markets.
XAO - All Ords heading towards overhead resistance with a confluence of lines likely to halt progress (top blue tyne, yellow median and warning line of brown fork.XSO- Small ords has been oscillating around that 1st yellow warning line for the past two months in an ascending triangle pattern. Yellow fork has previously been very reliable in providing S/R and so a move to the higher warning line is likely.
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Dow - Dow consolidating on brown median. Note how it consolidated on lower brown tyne before breakout to brown median. Volume whilst dropping off is still significantly higher than the preceding volume prior to early Dec.
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S&P500 - Forming rising wedge between blue median and top green warning line. Pink median still in play as a possible target going forward.![]()
Spot Gold - Price now flirting with lower red tyne support. Look at the strong resistance provided by the top red tyne initially, then the support and later resistance of the red median to see how significant a break or hold of the lower red tyne would be.Spot Gold AUD - Price backtesting break of support of top red tyne. Obviously USD strength and gold price will have a big bearing on where price will ultimately head but chart points to further AUD weakness if price recovers above top red tyne
WTI futures - Price tracking the blue median. From observation, quite often price will break out violently after tracking a fork line.
Brent Futures - As per WTI, tracking a median up.
Copper Futures - Price found support on top brown tyne and EMA48
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AUD/USD - I was a bit early in picking the blue median as a target but the Aussie bleeder got there in the end. Classic ascending wedge breakdown / upside down flag played out with the yellow and pink forks playing a part.![]()
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