Because the futures seem to be having little difficulty impulsing on the daily chart with each new thrust, savaging midpoint resistance points along the way, we should assume that an 81.20 rally target on the daily chart will soon be achieved. The move would be subject to resistance at 80.46, the 'D' target of a lesser pattern; and on a feint lower, to speculatively buyable support near 78.97, the midpoint of the larger pattern. _______ UPDATE: The futures finished moderately higher after bottoming below our support overnight.
March Dollar
DXH10 – March Dollar (Last:77.200)
– Posted in: Current Touts Free Rick's PicksUse a Hidden Pivot resistance at 77.96 as a minium rally target for now. It will remain valid as long as 76.64 has not been exceeded to the downside. If the futures stall for a day or longer, the battle between bulls and bears will like center on 77.30, the mipoint sibling of the target.
DXH10 – March Dollar (Last:75.985)
– Posted in: Current Touts Free Rick's PicksThe rally has surpassed just one "internal" peak on the daily chart so far, meaning that it is not yet impulsive at that level. However, because we should set a high bar to tell us if this turn is for real, we'll use the 77.270 peak recorded in the first week of November (see chart). A rally that exceeds that number without pausing for breath would deserve our serious attention, since it would create a bullish leg of weekly-chart degree and -- presumably -- spell a lengthier stay in purgatory for gold and silver.
