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“The caribou feeds the wolf, but it is the wolf who keeps the caribou strong. ” – Eskimo saying
Monday was a good start to the week. I’d like to suggest that emerging markets are just about to get whacked on the side of the head. The magenta pattern below is the top. The green area is the failed bullish breakout zone. It is my considered opinion prices are about to descend deep within the green again.
Happy new week, everyone. I’m relieved we’re past Thanksgiving and can get back to normalcy. I wanted to make a couple of remarks about two big commodities out there – gold and oil.
As for gold, it’s been having a wretched time since July 6th, from which it’s fallen about 15%. It is finally getting a little bit of strength, but I think it’ll be short-lived. The most logical place for it to crawl back would be the gap I’ve pointed out below, just about $1200. After such time, I think the weakness will continue afoot. I have no precious metals positions at all right now, but if gold strength continues, I’ll be looking hard at GDXJ again for a short sale.
I christened a new TA setup in yesterday’s Chart Chat and I’ve clipped out the beginning of that to show what I was saying on the ES/SPX, NQ/NDX and TF/RUT charts then. I’m not certain that this innovation will guarantee my elevation to the TA Hall of Fame, but at the least it was funny and you can see that clip here:-) – The Springheel Splodge revelation.
As I am saying in the clip, the bears have something to prove here in terms of showing that this might be a two way market, but there is a retracement coming at some point that should retrace this triangle thrust back to the 2168-70 area and possibly lower. I talk in more detail about the short term setup in the video I recorded this morning. The charts below are the ES, NQ & TF charts I posted for members at theartofchart.net this morning.