Just a simple chart showing FOMC results on SPY.
These are just my trend lines in the chart. take a look and make your own decisions.
Gold is battling the 100 day simple moving average and a downward trend line. Volume has been decreasing which may indicate this move up is tired. IF gold breaks 1225 with decent volume, then 1240 is a given and 1250 is resistance. 2 possible trades here. 1. gold breaks below 1200, easy short to 1180 OR 2. break of 1225, easy long to 1245ish.
The average time between DUST/NUGT crosses the last 2 times is 82 bars. If that happens near the average were looking at the end of January. I think NUGT has more downside first but I would like to see 1125-1150 hold for gold and 8-8.50 hold for NUGT before getting too excited.
PREDICTIVE ANALYSIS/FORECASTING: - TG-Lo = 1.49 - 17 DEC 2014: Low-Prob Attainment, High-Prob Reversal - TG-x = 0.83 - 17 DEC 2014: Extreme Target/Invalidation level if breached - Bearish Entrenchment: 21.16/23.08 range FIBONACCI: - 0.618-Fib retracement at 22.81 into bearish predictive model's entrenchment ELLIOTT WAVE: - Point-2 results from a...
PATTERN PROFILE: Bill Wolfe's Wolfe Waves Pattern - Completed Target = 1-4 Line ("Take-Profit" Line) Trigger = 2-4 Line R/S action/reaction SL = 1232.55 PREDICTIVE/FORECASTING MODEL: - Future R/S Levels: 1177.42 and 1165.85 - High-Prob Reversal: TG-1 = 1153.76 - 11 DEC 2014 INVALIDATION: BACA > 1232.55 ------------------------- Note: Recent analysis...
Friends, Last September 12th, a series of bullish targets were defined as follows: 1 - TG-1 = 32.97 - 12 SEP 2014 2 - TG-2 = 37.76 - 12 SEP 2014 3 - TG-Hi = 41.23 - 12 SEP 2014 and 4 - TG-x = 52.76 - 12 SEP 2014. (Source: See "$Gold Could Still Brush $Dust Off Bulls, Flat Out | #elliottwave - Link: ). At the time, the market was heavily favoring bears,...
Weekly close below 1181 brings 1097 then 1004 then 867 measured move target off of descending triangle consolidation pattern.
Likely that $113.20-50 zone and then 96.15-25 zone will be useful areas for bulls to lean against for a pivot. Based on dual fib confluences.
Juniors/Large producers ratio put a piercing line candle yesterday in the daily (not shown), right at the last weekly support/demand zone. If confirmed, might be a good signal that Gold has a chance to go higher like the last time it happened and fight the outside weekly reversal which is an ominous sign on its own. A close above 1,52 in the ratio will be good...