A Good Area to Watch
03/18/2015 9:00 am EST
Christopher Terry, of iMarketsLive.com, shares a video in which he looks at the S&P E-mini Futures June Contract and lays out a zone of resistance. Chris also draws out a Crab Pattern for this currency pair that shows a nice range for forex traders to find resistance.
In the past, a butterfly pattern had formed on the S&P E-Mini Futures June Contract and levels to the downside could be observed. Typically, after a large run up, traders can see a corrective wave on the charts. It is currently tracing into the 2071-2081 zone, an area where there is very good resistance. Any pushes to the upside will set up a shorting opportunity for the market to test down again on its daily chart. Should this become a lower high to the all time high, there is a very good chance the daily is headed for another leg back to the downside.
A Crab Pattern in the USD/CAD is also noticeable and this shows a nice range for this forex market to find resistance and also turn back down.
By Christopher Terry, Contributor, iMarketsLive.com