Charting the Markets with IG: TV Guest Patricia Elbaz spills the beans

A little social media bird let me in on a surprise. For her interview on IG TV, hosted by Victoria Scholar, veteran technical analyst Patricia Elbaz arrived with a congratulatory card and cake. This is because Victoria had passed her STA Diploma Part I exam with ‘amazing results’. I’m sure all STA members will want to extend their best wishes to all other successful candidates.

Onto the interview itself: using delightfully clear and simple charts, we look at exchange rates and the importance of psychological levels which we are currently close to – $1.3000 for cable at $1.1000 for the euro. Comparing Tuesday’s exchange rate to trend lines and the 200-day moving average, she tries to gauge how ‘’comfortable’’ we are with the rates. The euro she feels is the more negative of the two, six red candles in a row and a bearish engulfing candle on Monday. Here I sympathise with Patricia because daily IG charts include some Sunday trading. Victoria casually adds that it’s also a Marabuzo candle. Nice!

The German DAX 30 index, she believes, has a lot of bullish signals and she’d be looking to buy dips down to 13450 for a rally to the psychological 15000 – a new record high. Likewise she’s bullish on gold, a self-confessed gold bug as it’s broken above the highs of many years and broken out of a ‘’range top’’. Here her medium term target is $1675, despite resistance at $1600.

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Posted in Markets, STA education, Technical Analysis, Technical Analysis Courses, Trading
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The views and opinions expressed on the STA’s blog do not necessarily represent those of the Society of Technical Analysts (the “STA”), or of any officer, director or member of the STA.

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About Nicole Elliott

Nicole Elliott

A graduate of the London School of Economics and Political Science (BSc Social Psychology) Nicole Elliott has worked in banks in the City of London for the last 30 years. Whether in sales, trading or forecasting technical analysis has always been the bedrock of her thinking. Key expertise lies within all areas of treasury: foreign exchange, money markets, fixed income and commodities.

She has also added to the body of knowledge of the industry writing the first western book on Ichimoku Cloud Charts. Strong media links and a cult following are due to her prescient calls on the markets and often entertaining format.

Nicole can be contacted at

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