Gold should go down to at least 1570 but 1560 is more likely.
These are my targets for SPX that I meant to post here last week. I wrote them down on May 2nd...
1334
1297
1270
Bounces along the way at 1375, 1355
The only thing that can prevent these targets is QE3 by Helicopter Ben...which cannot be totally ruled out because it is election year and THEY will do everything in their power to prop up the markets until November. That is the reason why I have been pretty cautious trading the SPX inspite of some sure shot short signals in the last several weeks.
you were saying about these drops for some time, and they happend :-)
Thanks for noticing. The bearishness is very obvious on the AUD and GOLD charts. I was surprised to see Mike taking a long trade on Gold this week...it was quite risky but I am sure he got out at BE or for a small loss.
79 is next.Originally Posted by duggils
Emerging gartley on AU M1
Last edited by ziemo; 05-11-2012 at 12:05 PM.
Gold is reacting at 1571.85..therefore I closed my short positions in Gold futures for a profit of $2400 per contract. If anyone is short gold, this is a good time to take profits or tighten up SL.
SPX blasted thru the 1375 but is reacting around the 1355 level. It should resume the downward movement shortly. On the weekly chart it really is looking like a major top.
Apologies for not posting any charts with my commentary. I am absolutely swamped and I need at least 4 more hours in a day :-)
anyone else thinks about going long on Gold here (butterfly bullish)?
possibly a good chance to buy this pair, just waiting for the bottom.
A ABCD bulish and 121 bulish, plus the former support zone.
As we look at the usd/jpy, the price now comes to 0.618 retracement, may make a big bottom in the coming days.
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