Welcome to the video update for Friday, the 25th. Trader Rick starts out with the gold daily chart where we are monitoring the price action after breaking out of the big triangle pattern. The 1.27 fib was hit and now price has pulled back in to the zone of opportunity. Watch price action for evidence of buyers stepping back in and taking control. Current support comes in at the 992 area.
In crude, the daily chart has a possible ab=cd pattern with the D target not far away. Watch price action for evidence of support. Maybe a 3 candlestick pattern?
Trader Rick has been tracking a large ab=cd pattern in the weekly euro currency chart for many weeks and the D target was hit just after the FOMC announcement this past Wednesday. What is next? Another ab=cd pattern may be in play on the 60 minute chart too. Watch the 1.27 fib extension for possible support.
Prices in the stock indexes continued to sell off after Wednesday’s move down post FOMC announcement. Take a look at the classic conservative 9/30 short on the 2700 tick NQ chart. A thing of beauty! On the daily chart price is now in the buy zone, testing the lower keltner. Overall price action is still up but it will be important to watch if price holds here in the buy zone.
Wrapping up with the ES, Trader Rick analyzes the weekly, the daily chart and the 60 minute chart. Any divergence to worry about on the daily? Take a look! Know what a power buy is?
Good trading!
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