News events can sometimes offer the best set ups. This afternoon we have the Fed Chair Powell speech. Using correlation and my bespoke technical indicators, I am short term USD positive. I have also have some interesting chart formations on the US indices.
Below, I look to break down the cypher formations. The arrows depict the legs that I am looking to trade. Black arrow for entry, blue arrow for profit, stops below or above swing.
The horizontal lines are various bespoke support and resistance zones.
Looking for the pattern to complete at 32946 on Wednesday 11 th Jan. If we DO NOT see a reaction higher from 33120-33240 (BC leg) zone, then the call is invalidated.
Looking for the pattern to complete at 10761 on Wednesday 11 th Jan. If we DO NOT see a reaction higher from 10993-10965 (BC leg) zone, then the call is invalidated.