My initial thoughts on metals correlating with dow , snp indices , as well as jpy crosses are that they reflected risk on/off sentiments. So last thursday it happens that metals were up , jpy crosses and indices were down. In this case, it seems that all 3 groups happened to correlate and all point to a possible risk-off sentiment for the market.
Price tested 2014 Jan low and was supported by Day close
Note that there was a previous 1234 which seemed to have failed.
Last week, there was strong hammer which caught everyone by surprise. On day close, it became a bullish hammer which closed above 4 weeks low and engulfed 5 day candlesticks.
On h1 a 1234 can be seen, monitoring to see if solid pt4 can be formed at w1 level, and hopefully this consolidation can setup to be a potential 2 x h1 bear trap 1234.
A trade checklist
to be tabulated , KIV