 I've got the risk warning on the screen here. I'm just going to skip through that. This, of course, is our weekly charting analysis webinar with myself, Jasper Aller. As you might be aware, markets are crashing around areas at the moment. So a couple of insights we've put on today, the morning and mid-morning note, will be insightful in terms of, hopefully, insightful in terms of some of the causes and the possible effects here. But very broadly speaking, this route in China is extending across markets. And the Dow Jones actually fell 500 points just in one day on Friday. And it's following through again today. And we're looking like the Dow, as we trade it, the US-30, bound in at around 1,000 points in just over a couple of days. So markets are really falling off a cliff here. And we've been indicating in the chart forum and on these webinars some of the kind of bearish divergence in the RSI, some of the fact that the new highs are barely being made, referenced a little bit. Some places you'll read elsewhere is that breadth in markets has got very low. So that means particularly in US markets, where it's really just been stocks like Apple and more recently Netflix and the like that have been carrying most of the gains in US stock markets. And Apple disappointed in the last earnings release. That's been dropping. And that, combined with this devaluation of the Chinese currency, is obviously ahead of expectations still at the Fed. May raise interest rates in September. And that said, the US dollar is actually seeing some pretty hefty falls today. Dolly Yen, having not long ago been at 125, pushing into new multi-year highs, is now actually below 120. It's fallen 500 pips. And I can bring up the chart for you right now. That's been in about a week. Now look at these declines here. So you can see Dolly Yen tends to quite closely track US treasuries, but also US stock markets. And you can see it's certainly following suit. We've broken the low from July. We've also broken the rising trend line that's been supporting this recent consolidation slash rising channel. And it's looking pretty gibious. And you've probably read and heard a lot about the 200-day moving average. It's a very simple indicator, but a lot of people lose it. A lot of people use it. Well, actually, before I carry on, is everyone hearing me OK? Getting some message here about losing the sound. Is that across the board? Sound coming in and out. Is that? OK, I'm going to get some other messages that it's OK. So I'm just going to carry on. It may be the old computer restart if it keeps getting bad. Difficult technical situation, but as I had mentioned, there's fears about a September rate hike. But this drop in the dollar is suggestive of the fact that based on this latest Fed statement that actually the Fed is a bit worried about hiking interest rates. And sometimes it's difficult which way to know how to turn in these markets. Sometimes the prospect of a higher interest rates is deemed bad, sometimes good. My take in this situation is that we're worried about global growth. Growth in China is clearly really slowing down now. We have the official figure that says that GDP growth is and then around 7%. A lot of people don't trust that. And there's some sort of external data, for example. Today, shipping rates were released. They've fallen 60% in three weeks. So shipping coming from China going into Europe, but if it's sort of external data, there's a bit more trust worthy. So there's a major slowdown taking place there. China looks like it's in real trouble. But you couple that with the Federal Reserve clearly not willing to raise interest rates, even by 0.25% from 0%, just that small amount they're not willing to do because they have that little confidence in the strength of the US economy. So real concerns about growth and it's feeding into some big declines. So let's have a look at some of these equity markets. Go start with the UK. So the FTSE, as we speak, is trading at the lowest level since 2012. Step back and think about that for a second. We were pushing into record highs after the general election. We're now at the lowest level in two and a half years. Thereabouts. So before we get too carried away, I mean, that's certainly pretty negative for the market. But a lot of that took place last week. We broke some significant levels last week. If you scroll back a couple of chart forums, I had this triangle pattern pegged and did project that actually the market could drop down to the lows and this rising trend line that we have through the June 13 and October 2014 lows. But it's gapped through there as of today. And now pushing into these lowest levels since December 2012. But as you can see, definitely room for discomfort, definitely room for concern, to say the least at the moment. But we are still in and around these levels, which can get taken out to a small extent and then recover again. Levels aren't perfect. We are still in a sideways market. The decline last week is similar to the decline that we saw in December. So that got all but retraced the following week. I don't know if that's going to happen this time because we barely edged into new record highs and now the same thing is happening again. So I think it may be different this time, but just be aware of the fact that we still, generally speaking, are not quite in a kind of bearish trend. We've certainly done a few things that would suggest we're turning that way, breaking below the 200-day moving average, breaking below this rising trend line that started back in 2011, and this more horizontal trend line, which we can see people are respecting because it's gapped below it. So certainly a few indications there, but the fact that we're kind of above this, in and around this low from June 2013 means there could be some people willing to buy in or what they deem to be the bottom of the trading range. Of course, at some point, there's just going to be short covering. If there is a little bounce in the market, some people do decide to buy in a bit. Anyone who's short, particularly in the short term, they'll cover those shorts and we'll get a bit of a bounce in the market. We're certainly not there yet, though. If we do scroll down a bit here, just want to kind of show you how sharp these declines are. Now, to me, we're at quite a significant support level here. So it's a risky proposition going short into the market, but on the other hand, I think you've got to decide if you're following this trend, there's not too much room for catching a bounce. I don't think if this downtrend is going to continue, it's a route right now, so it's almost vertically down. So don't go expecting a bounce back to the previous lows or back to the previous peaks for a nice value area to sell in. With this is not a nice gradually curving downtrend. This is just vertically down. So if you want to participate, then you're going to have to get in fairly aggressively or you'll miss any more of the move if you have done so already. But just be aware that we're at the 6,000 level and if it sees some similar kind of levels in the other indices, I'll show you in a minute. So just be aware that you're going to have to jump out of those shorts pretty aggressively, pretty quickly. There's just be a bit nimble here. Assess the volatility of the situation. The volatility is extreme down, so expecting some nice curved move up and down again is probably not reasonable. Now let's have a look at the Germany 30. Now the FTSE, that kind of to me didn't go crazy, didn't go crazy high this year, made new records and hasn't dropped through a few technical signs but still kind of broadly in that kind of sideways range that we mentioned that the DAX or as the Germany 30 as we trade it, different proposition altogether. We saw this huge rally started around October last year and we started to get good clues that the European Central Bank was gonna start quantitative easing. And most of this rally was pretty much preempting the final announcement, which took place in March, let's get the exact day. Pretty much went up for another month, just about and when they actually started the quantitative easing, that almost caught the top. And now, we're down back through 10,000 and if we find the 1st of January, it's down here, oh no, am I? We're basically there. We're basically at break even for the year. We were up 20% in the Germany 30. It was 20% plus gains for the year off the back of quantitative easing happening. Quantitative easing is still happening. It's still scheduled to happen until September next year, for over a year, we're still supposed to be getting this QE but the benefits of it have just been completely wiped out. So technically, the fact that we've gapped down through 10,000, it's very similar to the trend line that we had in the FTSE and obviously just all that after that, after Shanghai declined by 8.5% today, after declining 12% last week, or just all the global markets have just, they've positioned significantly lower and all gapped down but it's not to me, uncoincidental, that we gapped through these significant support levels and for the Dax here, the Germany 30, it's this 10,000 round number that took a good long time to break through, finally did and now we're back down through it again. So it's supposed to be what was resistance become support. Still could be, remember these zones are not perfect but at the moment, not looking too good on that front. In and around this area is the 61.8% retracement of the rally since October, 2014. If we look like we're completely giving up here, then there is the lows from December, 2014 and January, 2015 that corresponds with the next FIBA level down. So again, if we zoom in a bit, you're not gonna, you can sort of see the gap taking place on the daily chart to some extent here but you're not gonna be at a really pinpoint declines based on the daily chart here. You're gonna have to drop down a bit to the lower time frames and again, as with all these markets, it's just vertically downward. So, if you're the opinion that this route's not over, we're rolling over into a bear market that many people have been predicting since the bull market fair started, then be tactical. You can always short on a break of the low. Of course, it could be a false break. That's always the risk with breakout trades. Or you can just think, well, okay, we've had a bit of a bounce. We bounced for a couple of hours and now we're back down again, just short in the belief that the bounce is over. But again, I just think if you are looking for some decent rebounds, in the Germany fair, we could get a fill of that opening gap back up to 10,000, it's possible. But much more than that, I'm not, if we do get a bigger bounce than that, then I think people will just start buying into it and we'll just ramp much higher. So it's probably not time again for nice rounded declines and inclines. It's kind of rapid, volatile movements at the moment. So again, just be aware of the extent of the moves that are taking place. One indicator that we've got in the system here is the ATR, the average true range. Not something I typically use a lot. I try and keep the analysis of the chart fairly simple, but, oops, I'm looking at overlays. There we are, typically use a 14 period. But here, this is basically telling us the volatility. So here, nice curves, all quite relaxed down here, very low and then suddenly, the amount the market's moving each day is huge. Look at that ramp up there. So having this indicator on the screen can give you a little idea when there's periods of high volatility are and you've got to adjust your stop loss and adjust your entry technique accordingly. And that's often the key to successful trading. It's not being too rigid in the way you do things, being aware of the different situation. Are we sideways trading? Are we in a trend? How fast is the trend? So let's go over to the US markets now. And this was the, did we already look at this? I certainly mentioned it. This is the Dow Jones. And so I had been highlighting the fact that, yes, we're in this sideways trading range and to watch out for the 17,000 level, but we are making lower highs and lower lows until the bias was down. And so this gradual sideways trend within the range, as I mentioned here, has just turned into complete capitulation. We've literally lost 1,000 points in a couple of days. But the break of this declining trend line plus the break of this RSI line that I'd mentioned, that was a good little entry point down there. If anyone's still short, good for you. Don't get shaken out too early, but obviously 16,000 is a big, big round number. So we could get a bit of a rebound. Okay, let's, we had touched on currencies a little bit here. In fact, if there is any currency that anyone wanted to discuss specifically, then please let me know. But otherwise I'm gonna go for the kind of defaults here. And I think, yeah, we showed dolly end, didn't we? But the other interesting one here is Euro dollar. Now we've been highlighting this possible situation for a while. You know, we had the declining RSI trend line broken. Then we had the price trend line broken. We had a retracement, a touch on the trend line and then a rebound and it's just been all up from there. And we've, you know, we were closed above the previous peak here. And now we've actually broken above this May high. And so that puts us, what you'll hear said in the press kind of comments is at the highest level since February 2015. So, yeah, basically six month highs in the Euro. A lot of people calling for parity. We weren't here and it hasn't happened. And now we're back up to 115. And it was such a sharp decline. You know, this decline, if you ever are able to show an inverted Euro dollar trade, juxtaposed against the Germany 30 or even just as they are, you'll see that basically if you invert it, they're very similar. The DAX has been rallying and the Euro's been collapsing. And as part of the reason that European equities are falling so fast is because the Euro is basing out. And that was pretty much the main advantage to quantitative easing is that it was causing a weaker Euro and helping European exporters. So this is a pretty big level that we're at. And so we could get a false break here, 115. A lot of people will be selling in this vicinity. So don't be surprised if we see a bit of a drop back. But I think the dynamics have changed in the Euro here. And I do anticipate us moving higher. And like I said, it's been such a sharp decline. There's not really an obvious, excuse me, not an obvious area of resistance here. To me, the last kind of serious consolidation that we had was up here in the sort of 122.50 type area. So that's a distinct possibility. Obviously got the 120 round number handle in the time being. And I think if we just use this horizontal consolidation area as a way to project where the breakout might lead us, we can just show the height there. Do one click on the bottom, one click on the top, drag it across to the breakout area. And then the 100%, so that height up here takes us to around one, a bit above 121. So not to say that we're gonna make it there, but that's the kind of calculation a few people will be doing and the projection a few people will be putting across. You could obviously be doing a bit more aggressively and extend it down to the low. And that'll put us back up here near that peak in this consolidation zone. That's around 125. So again, let's not get too carried away. Could get a false break and move back into the trading zone. You know, not a bad risk or broad trade to short back into the zone here. But to me, it doesn't quite look like that's gonna hold. That's certainly not to say it can't. So have a look at Sterling. Sterling's been, Sterling was head of the pack here, the British pound in terms of rallying. Obviously we've got our own possibility of hiking interest rates here. 157 has been sticky for a while, but today could be the one to take us higher based on that Euro dollar movement. You know, we've had these gradual, higher closes. It's been difficult to do, but we're kind of pushing high at the moment. And I think shorting the top of this range, that trade is almost done. Generally we're saying higher highs if you scale out to the kind of weekly chart. You know, I think we've got to look at this as yes, we've had a steep correction because we didn't get much higher on that. And it's been, this is more of a kind of wavy consolidation type move higher. So not like the just outright downtrend that we've seen in equities and also in oil, which we'll have a look at in a second. So, you know, I tend to think that this consolidation is gonna just take us up to the high. And well, you don't know if it can break the high, but I would imagine taking us up to the 61.8. I had a request here for pound yen, so you have to sneak that one in now. Haven't got that on my list, so we'll get it higher. So, pound yen in effect, moving the same way dollar yen has been. It's a bit more of a complicated situation with Euro yen because Euro dollar is seeing such strength. The pound is as well, but not as much strength. And there the yen is running pretty hard as a sort of safe haven. And also because it kind of tracks alongside US treasuries, which are for the most part being bid up as a safe haven as well. And because US marks, equities are going down and it tends to kind of track that as well as the Nikkei in Japan. So, basically in the short term, obviously it's turned into a downtrend. So, you know, when I'm saying short term, I'm talking sort of sub one day. You know, the break of this line, much as in dollar yen has taken us into a short term downtrend. And I don't really see that ending anytime soon, possibly here where we saw the break up. Anywhere in this kind of zone between these two levels, we could find some support coming into the market. So just as you're going short, just be aware as we get into that zone. That's just the way to play it. The trend is down, we've failed to make a new high, it looks a bit like a double top. So a good chance we'll break the neckline, head all the way lower. But be aware in the fact that Japan are still doing quantitative easing, we're seeing that policy getting unstuck a little bit at the moment. But nonetheless, don't get too carried away before we break this low and confirm the break at the double top. Because until then, we're still in a trading range. Not made a new high as of yet, not made a new low. Yeah, I will certainly have a look at gold. Gonna have a look at commodities now. Now gold has been the standout performer of late. It's being sold off today. The general excuse for that is that, basically everything's being thrown out, even the quality assets have been performing well. Gold for the most part has not been performing that well. If you look back past few weeks, but just in the last couple of weeks, it's really outperformed. But it's just being sold off alongside everything today. So technically, bit of an explanation as to why we're stuttering a bit in gold. We basically ran into, this was, in this area that we are right now, we have the 61.8% retracement, the declining trend line here. And this sort of little, I mean the declining trend line here, but in and around this kind of area, I kind of pinpointed this as where we kind of tried to break through a few times, came out tested, rolled over. And that seems to be the level that's doing it at the moment. It just corresponds with this July 10th peak. So see how we do today, it could end up being an inside day. And so then that's a candlestick pattern that you can trade on a breakout. So if we get a break through the high from an inside day pattern, then that could be your trigger to go long on a break of that rising trend line. Just be aware, you obviously like any breakout, you can get false breakouts. And equally, same to the downside, this declining trend line could be capping this advance that we're having in gold. I mean, keep in mind, this short-term trend has been strongly higher, but overall, if we scale back to a sort of weekly type chart, trend's still officially downwards. Whichever low you wanna take, this low, this low, we're making a lower low, we're making lower highs, and we're still well below the moving averages. And we've got this big old trend line to come in up above here. But if we do break this declining blue trend line, there's a good chance we go up and test this pink line again, which is not far off of the peak, if we just drop down again. These kind of come in together. The peak from May and the declining trend line, so that's the kind of confluence of possible resistance. So if we get a break here, you know, try and hold on unless there's signs of a real rollover. Don't give up at any small retracement. Try and target that kind of area that a lot of people may be. One of the best trends in the market right now, all prices just continually down. Tempting to try and pick the bottom here, but this is one of these markets where hopefully you've learnt the lesson and it's a great market to learn that lesson. Even at these multi-year lows, yeah, it's not even seeing a daily pullback from there. It's just dropped straight through. So obviously, as we first entered this this kind of area of possible demand, we did see a bit of a consolidation take place. But once we saw that drop through it, that's when we knew we were done and dusted and we're declining down here. And we're probably heading for those 2008 lows. I think we need a monthly chart to see that. There we go. So this is where we're probably heading. And there's been talk around today have mentioned the possibility of an emergency OPEC meeting. That obviously would change the dynamics somewhat if OPEC just completely fall back on their tactic of not cutting production. It hasn't really worked so far. US oil production has remained kind of flat even though the price of oil is halved. And so their attempt to kind of flush the US out of the market basically hasn't worked so far. And if they go up now and they've basically given up before they even had a chance to work. I don't think they will cut production but there's gonna be some political infighting amongst OPEC. Saudi Arabia, they've just had to raise money in the bond market for the first time in several years because they are trying to finance quite a large budget to keep all the population happy. But they haven't got the high price of oil to fund that budget anymore. So they're having to actually raise money in debt markets. Not all the other Middle Eastern countries are able to do that and actually are more reliant on higher oil prices. So countries like Iran who have just started increasing production again after the sanctions are being lifted or is set to at least, they are gonna be one of the big oppositions to Saudi Arabia on this policy. And so it's not out of the realms of possibility that we see an OPEC price cut, production cut. But I think that's the only thing I really see holding up oil prices is an OPEC cut. Anything else? I think we're dropping through this low of 35 in Brent. And maybe down to 30 beyond there. If we call this a bear flag, which it basically is, then we could be just much, much lower prices. I don't think we'll get down to $10 a barrel, but nothing's out of the realms of possibility. Trends are fermentatively down right now. Quick look at silver. Silver's been a confusing one because it's sort of been trading, some days it trades like gold, some days it trades like copper. So it did break out like gold, but it's been collapsing alongside Chinese markets the same as copper has been. Now just something to watch out here, if I like it in the top forum, as we now have, there's not been a trend preceding it, so I can't really call it a double top, but basically resistance has held from the previous peak and we've got quite a significant bearish divergence here. So if we see a break of this sort of 1470 zone where we've had a couple of quite strong bounces, to me that probably opens up the path to breaking 1440 and pushing into new lows again. So for now it's a sideways market with possibilities at 1470 and 1440 for a bounce, but to me if 1470 breaks, I suspect 1440 will as well. Coming into the end of the webinar here, but since I just mentioned copper, I'll show you that. And copper, big industrial metal and basically has been crashing alongside Chinese markets just because China was at least, still is but it's declining the biggest consumer commodities and its housing boom which is stalled was the source of demand for copper. I'm sure a lot of you know that longer term story, but it's not happening. Maybe a symbol to call it a day. I hope that was useful to everyone. Good luck with trading this week. Lot of volatility, lot of opportunity. So I hope you're able to take advantage. Jasper Law signing out.