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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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* Trade Wars have escalated and now include diplomatic wars PLUS President Trump is cannibalizing prior U.S. market gains with his tariff tantrums against its world trading partners, while destabilizing a delicate world market balance

Wednesday, January 02, 2013

Gap #? on the TF

I'm aware of three types of gaps -- usually occurring in a sequence in a trend:
  • Gap 1 = Breakaway Gap
  • Gap 2 = Continuation Gap
  • Gap 3 = Exhaustion Gap

We'll see, in time, if today's (Wednesday's) gap on the TF is a Continuation Gap. If so, then it has a long way to, ultimately, run before it hits the third type...essentially another 100 points, or so, to around 950...although, not likely straight up! I would note that the Breakaway Gap (which began the current uptrend) remains unfilled.

Since the formation on the 60 min (market hours only) chart below resembles that of an inverted Head & Shoulders, this target could be actualized...the timing, however, is unknown.

 
Price could, potentially, simply continue rising along the upper edge of the channel (shown on the 60 min market hours only chart below) to defy any overbought conditions. Or, it could zig-zag upwards within the channel to reach 950-970 by the end of February 2013. That would tie in with the date by which Congress will have to reach an agreement on the rest of the "Fiscal Cliff" issues, as well as raise the "Debt Ceiling Limit."