One thing that’s very much on everybody’s mind is the spread of the coronavirus contagion.
Recently we learned that it’s spread to South Korea and Italy and that it’s becoming a worldwide phenomenon. The virus is already having an impact on the markets.
Now I’m always asked if I trade outlier events like this. But to my mind, the market always establishes a structure before it moves. That means that when we have phenomenons like the coronavirus, these tend to be catalysts for moves where the market has already “pre-indicated” these moves are likely to happen. For example, gold soared this past week. However, there was already a huge bottoming pattern that indicated gold was going to go in a certain direction (I’ll cover gold later in this Report).
The lesson to be learned here is that to understand where moves are likely to happen (and when) is by looking at preceding trends and price patterns.
So let’s start by looking at the U.S. Dollar Index (USDI) first. USDI measures the U.S. dollar against half a dozen major currencies.
As you can see, the major trend for the last several years has been higher.
However, USDI hit a pocket of resistance around last October before recovering to reach spitting distance of its January 2017 highs set three years ago.
Even though USDI went all the way to its resistance high before falling back in last week’s trading session, I’m still bullish.
That’s because the long-term uptrend plus the mini double bottom and inverted head and shoulders USDI indicates this bull run is not over. The strengths of these patterns should win out against the resistance we’re likely to see in the short term. I think there’s still a lot more dollar strength to come.
And when you look at charts like the Euro, the Australian dollar and the New Zealand dollar, USDI surely isn’t done rising yet.
In this week’s session (recorded 02/21/2020) – I shared the true impact that Coronavirus is going to have on the markets.
With a worldwide epidemic seeming more and more likely, the impact is going to be felt across the board.
But there are already some stand-out price patterns that signify that big swings are imminent.
In this session, I walk you through these and identify where you should be focusing to be part of the next big trades.
I also covered:
- With Coronavirus traveling to South Korea and Italy, the worldwide phenomenon is imminent, but what does this mean to the markets and have the markets already pre-indicated what could happen?
- The governing pattern on the most interesting currency pair on the board (and what I predict will happen next) – watch from 3.15
- Why the mini-rallies on the Australian dollar should be ignored (and why many traders are caught up by this novice mistake).
- What impact will China’s slowing economy have on the NZD and AUD (given the counties significance ties and locations) and why this could cause even more trouble for the worst currency on the board – watch from 7.50
- Which market is going to be the “launch pad” for a vertical price action (this could be huge, but only if these two things happen) – watch from 8.40
- WARNING: Don’t be fooled by this descending triangle price pattern that is showing momentum as I believe it’s a big “bull trap” (I’ll show you why)
- The price pattern that is “knocking on the door” which is showing huge momentum (but why it could be a “bull trap” and the deciding factors that will determine whether this is boom or bust).
- Why has there been an increase in volatility on the NASDAQ price charts and why I believe there may be an even lower reaction
- Although some might say that “coronavirus was responsible for last week’s Gold rally” – I share the real reasons why Gold “launched” in price and what it going to happen next (watch from 14.55)
- Plus, much more
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