Gold use seems to be making a Bear pennant on the 1 hr chart .
Currently finding support at the 1 hr 200 ma and the 382 fib level and resistance at the 20 ma .
If indexes rally on us open and we break down the target would be Each lower fib level and eventually the pennant pole target around 1480 .
Quite a low risk reward trade as MA,s are so close with SL placed...
Nas 100 Is making higher highs and the RSI is double topping as in the last correction .
This is the most stretched we have been from the 200 MA in the whole bull Run and we are apparently entering a santa rally at these stretched levels ?
When i look at the vxx chart i see that every index correction VXX was at the end of a descending channel and broke out as we...