Longer term areas for Yen:



and Canadian Dollar:

Watch how this acts after the inital bounce here off the bullish ABCD. I expect it to weaken.

Okay, recall awhile back when I said I was watching two 'gurus' who were big-time bearish right at the 'big' low? That's one of the key reasons I thought the technicals there were solid. I said I wouldn't think intermediate-term bearish until they both flipped long. The market promptly exploded up, and half way up one flipped back to bullish. I've been waiting on the other. He waited until his area was fully violated. Now he out making monster bullish continuation calls. He may be right, or he may be right for awhile (I do have to admit, that ES 3200 is looking more and more likely, and if the Central Banks move into equities in a sovereign debt panic, 10,000 would be no problem (say DOW 100,000), and I'm not being sarcastic), but it is also possible it is now ready for a bigger correction. Just a thought.

Getting a little 'vibe' this may pop up here at this spot, right about now. May be nothing, still letting the short-side bias have some room, but just wanted to post that, in case.

Okay, an initial reaction exactly as expected. Now let's see the follow through.

Here the reality, from my perspective. I'm on pins and needles waiting for the 'big pop' while I nurse the short-side view. But, alas, chop is, in my opinion, more than 99% likely until the RTH close. I'd be thrilled to pieces if it did another leg or two down, but it seems highly unlikely. My gut would say high odds of 'the pop', but that was a big move up, so chop 'should' be called for. We'll see. It does what it does.

I'm thinking 64 area.

Okay, my comment finally woke them up. Let's see if they can get that Dow 17,000 by the close.

double 1.128

Was that a limited pop, that's all, and now back to chop?

Lotsa nice charts again today, rat.

From the old Outer Limits TV show, now adapted by the Fed/Oligarchs for the market and 'the system':



There is nothing wrong with your television set. Do not attempt to adjust the picture. We are controlling transmission. If we wish to make it louder, we will bring up the volume. If we wish to make it softer, we will tune it to a whisper. We will control the horizontal. We will control the vertical. We can roll the image, make it flutter. We can change the focus to a soft blur or sharpen it to crystal clarity. For the next hour [indefinite period], sit quietly and we will control all that you see and hear. We repeat: there is nothing wrong with your television set. You are about to participate in a great adventure. You are about to experience the awe and mystery which reaches from the inner mind to – The Outer Limits.

Source: http://slopeofhope.com/2014/07/churning-the-headlines.html