Peak in Panic at hand?
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He who has knowledge spares his words, and a man of understanding has a cool spirit. (Proverbs 17:27)
If we learn the discipline of keeping ourselves calm and quiet (which is a challenge during these times) we will hear what the "Power of the Pattern" is telling us. I remain of the belief that the patterns should do the talking and I should do the listening.
Often times during a period of Panic, investors flock to the Swiss Franc, as a safe haven. Buyers have pushed the Franc up against key resistance in the past few days, creating a very bearish wick at the same time. What is this pattern telling up? That Panic may be reaching extremes!
Swiss franc is peaking all right but not due to panic reaching extremes but due to Swiss National Bank intervening…
I follow you. I´m in Spain. Congratulations.
FD
Sander….Thanks for the comment and intel. For whatever reason the Franc has found a certain line in the sand to be key resistance for 30 years and it looks like this line is resistance again, as the Franc fell 5% yesterday, after creating a massive bearish wick, at this line, prior to the intervening news.
http://blog.kimblechartingsolutions.com/2011/08/peak-in-panic-at-hand/