You sneer at 'Hindenburg Omens', you eat 'Death Crosses' for Breakfast.From Dragonfly Capital:
Alright tough guy...
As I started to prep for Thursday with the Holiday music flowing and the decorations up all around me I noticed something joyous. What could it be? Well possibly a couple of abandoned babies! Not the kind that will shiver in the cold without their mothers caring for them, but the kind in the charts of a couple of beaten down currency ETF’s that if the pattern completes signals a reversal. Let’s take a look.From FX Words:
Currency Shares British Pound Sterling Trust, $FXB
Currency Shares British Pound Sterling Trust, $FXB, started a move lower in early November and ran lower until catching itself around the 153.25 level and moving back higher to the 50 day Simple Moving Average. Since touching there it has moved back lower and is now at that November low, printing a long legged Doji candle. Doji are signals of indecision and often reversal. If this is confirmed higher tomorrow, completing an Abandoned Baby pattern, the worst may be over for now....MORE
• Direction: Bullish
• Type: Reversal
• Reliability: Strong