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Three interesting setups for the end of the summer holidays

Today, we have last trading day of August and you have to admit that it was a very interesting month, especially on stocks, which were moving up and down creating a month long sideways trend.
Tomasz Wiśniewski
Three interesting setups for the end of the summer holidays

SP500 ended July with a strong sell signal, coming from the breakout of the triple top formation neckline. First few days of August were catastrophic but later the dust settled and the price entered the correction stage. Friday brings us the test of the upper line of this correction, which in this case is the upper line of the rectangle pattern. Price breaking the 2936 points will be good for a start as the real buy signal will be triggered only, when the SP500 will come back above the resistance on 2960.

August ends negatively for the Bitcoin, where the price is under the bearish influence coming from the breakout of the lower line of the symmetric triangle pattern. The price is currently taking a rest on an important horizontal support but bulls need to be cautious as the breakout here can bring us a proper sell signal.

On the two instruments mentioned above we still have to wait for the signal. The same applies in the third hero of the day: USDJPY. Here, the price is still drawing the double bottom formation, mentioned in our previous analysis. We are getting closer to the neckline though. For the legitimate buying opportunity, we need to see the breakout of the yellow line first. Chances for that are increasing.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

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