Wednesday, March 7, 2012

Cable ..BIG picture

While the markets are treading water today time to look at the longer time frames of various instruments.

Cable daily chart

The head and shoulders formation pointed out in this post seems to still be valid and actually LOOKS better as the left shoulder was a complex one and the potential right shoulder shows some symmetry with the left now.  Obviously there is quite a distance to the neckline of the formation at around 1.53,  BUT ....we could see that level if the dollar index continues to strengthen and heads to 81.  The important thing to watch is how it reacts to support at 1.53.

short term ... 1 hour chart

Looks pretty self explanatory

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