Chart And Patterns To Watch
Peter Brandt | Sep 09, 2014 01:48AM ET
Market review
Factor Moves are currently ongoing in AUD/NZD, NATI, Soybeans, Canadian Dollar, EWT, X, MS (new), WTS (new), USD/JPY (new), NKE (new) and JSP (not shown). A Factor Move concluded in THC. Factor Moves are developing in the FTSE 100, EWY, EWS, Silver and Gold. Charts are also shown for ASR, Nifty 50, Soybean Meal, AUD/JPY and the S&P 500.
AUD/NZD
The advance on Aug 20 completed a 7-month horn or sloping bottom. The horn pattern was described by Richard Schabacker in his pioneering work on classical charting principles in the early 1930s, but for some reason Edwards and Magee did not feature the pattern in their 1940s manuscript on classical charting principles. The sloping bottom pattern is comprised of a series of three high lows separated by two higher highs, as idealized on the chart below.
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