As many of us have been suspecting, gold is on a steady pathway up to retest and likely exceed the $1,000 per ounce level which has served as substantial resistance in the past.
Let’s take a quick look at gold’s Daily chart structure to see this happening as it unfolds.
A couple of readers have asked me to provide a possible Elliott Wave count on international market indexes, namely the Shanghai Composite ($SSEC) and here is my current count on the larger monthly and weekly timeframes.
The dominant short-term pattern on the S&P 500 (and SPY ETF) appears to be a consolidating descending triangle. Let’s take a look at the pattern on the 60 min and daily charts.
A few readers have asked me to take a look at crude oil, so let’s look at the larger weekly structure and then see what insights we get from the daily chart.
With the recent rally in 10-Year Treasury Yields (falling note and bond prices), I thought it would be a good idea to show you the trend comparisons between the Yield and the S&P 500 – it’s more aligned than you might think.
Some readers enjoy seeing my “color charts” of the S&P 500 and here is a mid-week “Color Bar” update on the S&P 500 Daily Chart structure.
Elliott Wave International president Robert Prechter recently released a free 40-page ‘eBook’ on the Gold and Silver Markets which is now available for download.
Per reader request, let’s take a quick look at the US Dollar Index and the Gold Market on a 3-year weekly chart basis, noting key Fibonacci levels and possible long-term targets.
The US Dollar Index completed its large-scale Bear Flag on the Daily Chart and I wanted to highlight this development to you and discuss what it might mean going forward.
Is there a 17-week cycle operating in the S&P 500? Adam Hewison shares his insights in a recent video which was very interesting to me, as most traders don’t analyze cycles as easily as they do other technical indicators.