Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia. He runs training, analysis and resource workshops for retail and professional financial market traders involved in stocks, CFDs, warrants, derivatives, futures and commodities in China, Malaysia, Singapore and Australia. He has his own trading company, guppytraders.com.
The 12,600 target for the Dow is achievable in January 2012.
There is a reasonable probability the U.S. dollar index will fall below 74.50 and retest the lower edge of the base of the symmetrical triangle pattern near 72.50. Traders will look for a consolidation pattern to develop between 72.50 and 74.50.
Any fall in the euro-dollar below $1.36 has a high probability of cascading into a fall to $1.29, which in turn, will have a high probability of quickly falling into the consolidation support area with a potential downside target near $1.24.
The prospect of a Trump or Clinton victory in the U.S. election isn't seeming to induce any jitters in the dollar index.
The recent pullback towards 1.10 suggests that bearish pressure is building on the euro-dollar.
The yellow metal's dramatic fall from $1,340 to below $1,260 is a break-and-enter theft on a grand scale.
The outlook for oil prices remains bullish, both on the chart and in the economy.
Daryl Guppy is an independent technical analyst who appears frequently on CNBC Asia.