Hewison Quick Video Updates on Gold and the Dow
Adam Hewison is back with two more quick update videos on two critical markets – the Dow Jones Index and Gold.
In respect to the Dow Jones and S&P 500, Adam published a video entitled “Two Forces are About to Collide,” in which he discusses the important 50% Fibonacci retracement level and a long-term trendline, both originating from the October 2007 high. He makes a compelling case to watch this level for a potential top.
Adam also zooms in on recent candlestick patterns and shows a bit of the Williams %R Indicator.
Here is a screencap from the 6-min video (no registration required):
(Chart links to the video page)
Hewison’s second video, boldly entitled “Has Gold Topped for the Year?” is an interesting perspective on the recent rally on gold, as he takes an ambitious look at gold prices and does some cycle work (I personally am weak in cycle analysis) showing possible cycle top hitting.
He also uses the Williams %R indicator again and further describes the possibility of people entering the gold market late, and if any sort of pullback happens, it could shake weak longs out at the highs.
Adam makes a distinction between the short-term overextended conditions and the long term bullish trajectory in gold.
I am able to show you these videos (with permission) as an affiliate of Market Club – and my appreciation to Adam and staff for that opportunity.
Corey Rosenbloom, CMT