Dubai doesn´t matter – The markets don't care two hoots about it

Uuuh – panic everywhere! We're gonna crash again. That is what we are told by the news tickers and television shows worldwide. On weekly basis, nothing happened in the indexes. On the contrary, Friday was a “buy-the-dip-day”, again. For all the future traders amid us it was a very lucrative day.  

That is proved by the actual Weekly 5 Candle GUNNER24 Up of the NQ # which applies a little correction just at its interim target. Well, it did not start with the Dubai crisis but it was previously defined in December, 2008, and started the week before last.

In the weekly NQ #, we can see pretty well the cross support (Gann Angle and horizontal square line) that resisted last week. We are prepared to buy next week the unlikely break of the 4th double arc (1833), but at first we will rather have to expect falling prices next two weeks because for the 3rd successive week the price has not closed within the 4th double arc.

Furthermore, we actually have a 3 Day GUNNER24 Down on daily basis, with a maximum short target at 1701 or a buy at a daily close above 1800. The markets are simply waiting for the approaching up move, and they are moving sideways with a quite positive trend. So, for the medium and the longer terms the recommendation of last week keeps being valid: “buy every dip”. The day traders enter the week slightly short for the first two days, then we will see whether the 1701 and the actual Gann Angle will resist.  

If possible always use 2 parallel GUNNER24 Setups. Almost in every trade that gives you the absolute security.

As a crosswise check for our forecast, among other things we use the Weekly 3 Candle GUNNER24 Down Setup, beginning from the all time high. Here we see that the actual NQ # 5 Candle GUNNER24 Up started exactly at the 5th double arc in November, 2008, marking the road map through March, 2010.

The price and the time targets are corresponding exactly with the actual 5 Candle GUNNER24 Up Setup...

FDAX at Crossroads

Looking at the FDAX # weekly we realize that the market is absolutely bullish.

1. Main target activated since the price closed within the 2nd double arc. 

2. The price is situated in the bullish half of the GUNNER24 Up Setup.

But the market is still kept back by the upper double arc line. It's caught between that line and the setup-anchored Gann Angle. Just now, the 3rd test of that Gann Angle is happening. According to our rules it should resist this time, as well. But it should be fallen short of next week again. Here, our buy stop is at 5890.

At the FDAX # we are not going to place on short either. In the double check setup, the FDAX is in the same position as in the GUNNER24 Up above:

Caught between the double arc and the setup-anchored Gann Angle. But with the Friday low obviously a successful test of the upper horizontal square line of the first square took place. Here again, a second test of that square line and a slight falling short of the Gann Angle will be allowed next week. So last week's low must last, then the market should keep on orienting by the setup-anchored Gann Angle upwards. Here, too, we will wait for the break of the double arc before we go long again.

Let's take a quick, a very quick look at the pair EUR/USD.

We published our last forecast on that pair here, in the issue of 09/06/2009.

This was the forecast from September, 2009.

Now, with last week's high we are exactly at the target in price and time.

The actual GUNNER24 Up Setup on weekly basis as matters stand today looks as follows: