EXY (Euro Index) The Euro backs the Dollar Index (DXY) by something of 50 something percent on the chart we see a gartley pattern that has completed and on the way down. Now Scott Carney, whom i think is next chartist genius next to Gann, Elliot, Dow, and Gartley. He was able to take all their readings and somehow make one of the most traded or talked about trading systems in the world. so much so tradingview teamed up with him yeas ago to help develop the harmonics drawings tool i use today, and the craziest thing about it is he came out with system in his early 30's. and what makes this even better is he is still alive running harmonic trader.com.
enough about Scott Carney i think that the pattern is completing a type 1 setup. So what im thinkning is Monday we will move to the 382 tuesday indecesion candle rest of the week retrace to the PRZ and the week after we might see a bigger move down.
the fundamental data
the COT
The Commercial Shorts are drvining the prices of the euro HIGH we a whopping 20,000 orders short!!! the longs to stop price was only a 1/5 of what the shorts did. the Non-Coms are increasing their longs by 10,000 orders driving prices way higher insync with the commercials.
so here is the net data
Commercials-
Current= (133,718) // Previous= (117,198)
Non-Commercials-
Current= 95, 649 // Previous= 81,240
Needless to say any buys on the Euro is a good decesion, prices are still going higer and higher. any dips in price are just that a Dip. might be an oppritunity to hop on a speeding train. i would not hold on to this pattern longer than the 382 retracement of the pattern
