Slope of Hope Blog Posts
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Each candle on the chart below of the EUR/USD
forex pair represents 500 pips. The current candle bounced from
a Fibonacci and price confluence support level on July 10th of this year and has
rallied 446 pips, so far. Should it continue to advance by a total of 500 pips,
it would put price at 1.2541, which is at a confluence of price and Fibonacci
You can see that this 500 pip level, as depicted by
the two white horizontal lines, represents a major level of support and
resistance. A break and hold either above or below this "500
pip zone" would set the stage for the next move up or down over the
ensuing days/weeks…an important zone to monitor.
SPX and Dow both reached the ideal target area for a double-top yesterday, with both making marginal new highs for 2012 and reversing. I think there's a sound technical argument for seeing a test of the 1440 area pivot on SPX, but if this is a double-top forming then ideal targets were reached on both yesterday. Here's how that looks on the SPX daily chart: