Yeh, ended up turning pretty much right on the 50% retracement. Not sure what the target is going to be though. It could get pretty wild and woolly from here if we get another drop in the Dow tonight. I might target Friday afternoon for an exit if it goes how I expect.
Looks like its time to get LONG LONG LONG, my trend line and nonsense wave count says so! Next stop 4800, choo choo!
On a serious note I think its more likely price will make an attempt to come back into the range and fill in some or all of this violent move down (grey rectangle). Significant levels of resistance the bull needs to punch through are at 2000 to 2005 daily swing lows, 2050 to 2080 will be make or break for the bulls and a possible good shorting opportunity, if we punch through this area most likely will continue to make new highs. Anticipating price action like the green and magenta lines. The green line will be more entertaining to see play out, another decent attempt to head lower, form swing failure pattern and then a face ripping move up. (S&P500 daily) There has already been a huge run up in bonds, some selling of risk off assets would support the above idea. (US 10YR daily) If we break and close below 1800 it will be more pain for the bulls, next significant levels of support: 1710 to 1700 (S&P500 weekly)
I am thinking that with China out of the picture for the next week (markets closed) it removes a potential source of turbulence in the short term, so a rally is possible/likely. Many of the US pundits are "Blaming China" for the recent troubles and that excuse for selling off just won't hold up this week if nothing is coming out of China. My focus has shifted a bit back to PMs. Expecting a big move there this week - just not sure if it's going to be up or down. Gut tells me the gold breakout is ON but there could just as easily be another 1.2 bullion dumped on gold this week for a 2nd attempt at a smackdown.....(the one attempted on Friday failed to take hold)
I'm not sure what you're smiling at aleks. The TA on that chart to me still looks pretty damned negative. The only reason I'm not short this week is I think there might be a short reprieve because of the China holiday (less bad news is good news ).
Janet Yellen is testifying to congress this week. That will most likely have the biggest influence on markets this week
Lots of narky comments on the forum at the moment (some warranted), emotions running rampant! Me thinks a big event is about to unfold. I don't really care what happens with PM's currently, my $$ is primarily shorting stocks.
[youtube]http://www.youtube.com/watch?v=Y6ljFaKRTrI[/youtube] Gold six months euro +4.13% Deutchebank six months -52.71% I want to stop and take the money and run but today I'm thinking I'll stop when it is down 90% because at that point government/ecb intervention will start and it will get weird. The credit markets are fooked looking. I will be out of markets entirely by end of may.
keeps it entertaining but lets not take this too seriously Big increase in commercial longs on the 2nd of February which are probably increasing on this move down from 1940
All good, I've bought more than 1.2 [ounces of] bullion this week, so I took up the slack. You won't notice it in the market...
[youtube]http://www.youtube.com/watch?v=FYH8DsU2WCk[/youtube] The big C Citigroup down 31.17% in the last six months. C and DBK have over 120 trillion of derivatives on their books. DBK is the weakest link. See you all in six months. Still buying physical gold and silver......
