Australian dollar forms hell rocket chart pattern
David Llewellyn-Smith | Oct 17, 2022 10:45
DXY is a perfect stairway to heaven. EUR is on the highway to hell:
AUD has formed the hell rocket chart pattern. That is a monstrous monthly descending triangle which, were it to break, suggests downside to the seventh level:
Even oil fell:
Base metals yawned:
But big miners (NYSE:RIO) took it in the team as iron ore shudders. That is another nasty-lookin’ bearish descending triangle pattern:
EM equity (NYSE:EEM) is roadkill:
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Junk (NYSE:HYG) is at a downright terrifying support level:
As yields prepare the last spike, the spike that will cover all the world in shadow:
Stocks…another descending triangle shocker:
I don’t know what to tell you. That is the most bearish-looking series of charts I have seen in a long time. AUD included.
If the multitude of critical support levels breaks, we are in free air for this end-0f-cycle market to describe its own place in history.
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