I’m flat going into the weekend gang, as I’m not sure about Monday. We could rally a little before heading back down. Overall, I see the Wednesday-Friday as the time period to be short again.
I could see gold selling off after a one day close above 1800 to suck in more bulls. A second close above it would confirm the uptrend is still intact… but a close below 1800 should signal a move down.
Ok, today doesn’t look like another crash day at the moment. Since I think we are in wave 5 down from the recent high 2 days ago around 1200 spx (completing wave 4 up from the 1101 low),
this wave should be broken down in 5 smaller subwaves.
If that’s the case, then yesterday was likely the first wave down in this 5th wave (of a larger wave 1 from the high of the year), then we will likely get that smaller subwave 2 up into Tuesday/Wednesday of next week.
Then I expect that subwave 3 (down) of wave 5 down starts on Tuesday/Wednesday… which should easily break the 1101 spx low. My downside target for this entire move down (major wave 1) from the May 2nd high is 965 spx.
I’m flat going into the weekend gang, as I’m not sure about Monday. We could rally a little before heading back down. Overall, I see the Wednesday-Friday as the time period to be short again.
I could see gold selling off after a one day close above 1800 to suck in more bulls. A second close above it would confirm the uptrend is still intact… but a close below 1800 should signal a move down.
http://ezinearticles.com/?High-Frequency-Trading-And-The-Stock-Markets-They-Are-Raiding&id=6506222
Ok, today doesn’t look like another crash day at the moment. Since I think we are in wave 5 down from the recent high 2 days ago around 1200 spx (completing wave 4 up from the 1101 low),
this wave should be broken down in 5 smaller subwaves.
If that’s the case, then yesterday was likely the first wave down in this 5th wave (of a larger wave 1 from the high of the year), then we will likely get that smaller subwave 2 up into Tuesday/Wednesday of next week.
Then I expect that subwave 3 (down) of wave 5 down starts on Tuesday/Wednesday… which should easily break the 1101 spx low. My downside target for this entire move down (major wave 1) from the May 2nd high is 965 spx.
Thanks for your input washboard. I took a small position two days ago to buy the inverse etf on gold.
Triangle of MSFT: http://niftychartsandpatterns.blogspot.com/2011/08/triangle-of-microsoft.html
calibrator is calling also for a good move down in gold.
GOLD Negative Divergence and spinning top: http://niftychartsandpatterns.blogspot.com/2011/08/gold-negative-divergence-and-spinning.html
ES Hour chart analysis: http://niftychartsandpatterns.blogspot.com/2011/08/s-500-futures-hour-chart-analysis_19.html
SILVER Trend update: http://niftychartsandpatterns.blogspot.com/2011/08/silver-trend-update_19.html