The SP500 'hanging man' post of a couple of days ago generated some interest amongst some of my contacts, with opinion fairly divided as to what this signifies... It looks to me that the pattern is a done deal, though well this is bullish or bearish will only be determined in coming months. My favoured option is short-term it is bullish, suggesting a re-test of the recent high (with a possible marginal new high), but longer-term I feel this will likely be a major topping area. -- but the jury is out for now.
EURCHF
The top chart is the EURCHF daily, note how it has recently broken a significant downtrend. In addition a potential pattern forming appears as though it may be a major double bottom (of the rare 'Eve and Adam' double bottom format; for further info, including why it is called this, click
here). The lower diagram shows an example of this sort of pattern. - Note confirmation would be a clear break over Feb's high at 1.3205, with a poential target near 1.3900.
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