Welcome to the video update for Monday, July the 26th. First chart is the EUR/USD weekly where we are still tracking a potential ab=cd pattern with a D target just above the 1.1400 area. Note the overhead resistance area. Take a look at the daily chart where a possible inverted head and shoulders may be in play. A measured move target is given.
Trader Rick next looks at the weekly gold chart where price is in the buy zone. Watch where we close this week.
Moving to the stock indexes, the next chart is the weekly S&P cash chart. Price is in the sell zone and note where the overhead resistance area is. The YM, ER and ES charts are also discussed so check them out.
Last chart is a scalp trade taken by Trader Rick on the euro. Take a look and see how it turned out.
Good trading!
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Tags: ab=cd pattern, inverted head and shoulders pattern, slingshot
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