Welcome to the video update for Monday, November the 23rd. First chart up is the weekly eurostoxx 50 chart where we have evidence of loss of momentum. Keep in mind the trend is up on this timeframe. On the daily eurostoxx 50 chart, Trader Rick illustrates price making a possible trend change due to the lower low made in early November. An ab=cd pattern is shown on a 900 tick chart.
Gold continues to accelerate to the upside. Next target is shown. The measured move is reviewed with a target of $1320/oz. The head and shoulders pattern on the 300 tick chart failed. keep in mind a failed pattern is a pattern in of itself.
Next up is the weekly EUR/USD pair where price is in consolidation. On the daily we may have a lower high. Monitor this closely this coming week. Resistance is shown on the 60 minute chart.
The euro currency is basically the same as the EUR/USD weekly. The 1.27 fib extension of the ab=cd pattern is shown. Trader Rick reviews a 9/30 long setup on the 500 volume chart. See what is significant on this setup.
The dragon pattern on the weekly Canada is updated. This past week was an inside week. A 600 tick chart is shown with a possible dragon pattern. Keep an eye on this pattern.
In crude, the weekly chart shows price moving sideways. The daily crude had an ab=cd pattern with support coming in at the 73 to 75 level. Expect a breakout of this consolidation on the weekly chart.
Moving to the indexes, Trader Rick takes a look at the weekly and daily S&P cash chart. Also discusses is the YM and NQ weekly charts. See the non-confirmation on the YM weekly chart. On the ES chart, the weekly, daily and the 4 hour charts are reviewed.
Remember, markets are closed on Thursday in celebration of Thanksgiving in the US. Could be a quiet week.
Good trading!
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