jwfglass

jwfglass

Red = 2011-2015 Fib (125.715H/75.706L) Black= 2016 Fib (123.798H/98.783L) Green = July/Aug 16 Fib (107.469H/99.524L) Blue = Jackson Hole Fib (102.391H/100.052L)

jwfglass

Looking at possible bearish pennant and continuation lower

jwfglass

Looking at this area of the chart you can see the numerous times the price has jumped through to either side. I count at least 12 times the price moved about 75 pips on the 1 or 3 minute charts. More of an observation of price zone than anything.

jwfglass Updated 

The news for the week will potentially have an impact. Given the 3 trends, I'm thinking we will stay within either or both the long and mid term trends. The short term trend is most likely to be broken given the history of retraces/corrections during the long term trend. Probably short this week, depending on how market looks over holiday. At least my best guess...