More channels more fun

Just when I thought my EURUSD declining channel broke upwards, Cyprus massacre changed everything. There is now a much stronger blue channel. It is severely oversold and there is a massive gap which occurred during the "weekend" trades. It will definitely be filled but when will it occur is anybody's guess. If they stop the wealth confiscation on the island before the banks open on Thursday, Euro may jump and fill the gap. Otherwise, the bottom of the channel is real deep.

GBP is doing well in the correction. We will see if the blue channel will confirm which will accelerate GBP annihilation. If not, we should hit the upper wall of the green channel soon.

Natgas smashed through the blue support and now is following the well established red channel towards 4.8-5$ area.

What surprised me is how much selling power was left in the coffee trade. It bounced off the declining support and made a lower low which doesn't look good for the coffee bulls at the moment. It is right at the brink of breaking the support coming from 2003 which I showed earlier here. It may be in the  making of a descending triangle which is an trend ending pattern. It is oversold but I don't think it would be wise to buy this before it breaks the downward channel.

Last but not least is the Nasdaq composite. I think the chart talks for itself. It looks very squeezed and stressed. It tried to break up the red resistance countless times after breaking it down in November 2012. There is a blue resistance which it has already hit and bounced down and then there is the green support which it will hit for the fourth time soon. We will see when it gives in and corrects a while.