Gold Chart - The Gold Chart update

We have been keeping an eye on the gold chart as of late. As you can see we have been in a massive downwards channel that has been holding very well.

The gold chart has a bottom projection target of the  high 1500's and we nearly hit that on friday after a rather significant sell off. This week gold sold off significantly, but there could be more downwards coming.

There are no buy signals yet, and we are of the opinion that gold is soon going to be a very good BUY soon.  One must be careful NOT just to buy right now, as there is still room to move on the downside, and the signals that sentiment trader is getting is just to be patient here, because most good traders know that on the market patience can BANK you alot of coin.

gold chart - the latest gold chart

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spx weekend update - spx weekend update and mulling

spx weekend update - spx weekend update and mulling

Over the weekend, I was looking at many charts. AI sentiment still showing us that we are in overbought territory with the S&P 500, however it does not look extreme.

As you can see we are in the sell zone, however on the line chart there is still room for us to wiggle up a bit higher. It looks like for months now the market has been creating a bearish rising wedge, and we must remember sentiment can shift however the first warning shot has not gone off yet, and it is possible we can see higher prices next week. Just a guess.

Our 1500 target has been hit :-) and the market on Friday shot up and is holding for now. The bulls still seem like they are not running out of steam just yet, so we must listen to that for now and forget the crowing roosters out there.

AI Sentiment

Taking a look at the S&P bullish percent, again we are still on a buy situation. We are up at 82.60 but there is no reason we cannot go up a bit more to ***** **VIP MEMBERS ONLY**

As you can see January has been a very good month, and very rewarding to the VIP MEMBERS

spx index

It seems the last few weeks, every man and his dog, and the so called expert pundits have been calling for a top on the market. Then the next week, more bears come out of the woodwork and call for a top again. It has not come yet! Are you starting to see a pattern here. LOL. Although this is not strange behavior, it has been quite entertaining.

Forget the pundits out there. All we need to do is read the charts for now and follow them. That has been working like gangbusters, and they will give us plenty of warning on what to expect and what actions to take next. :-)

Have a great weekend :-)

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Inverted head and shoulders - a inverted head and shoulders

Inverted head and shoulders ?

Today lets do some pure Technical analysis and measurements on the S&P 500 chart.

The holiday reversals at the end of December we skidded down but I will still class this at the bottom of the right shoulder of the inverted head and shoulders.

So we have the bottom of the head and shoulders at about the 1340 level. If take the measured move from the bottom of the head to the neckline, and double that over, we are up around the 1495 - 1500 level. Possibly higher.

We have already broken the neckline, and broken it very convincingly! So it will be interesting what happens in the next week or so.

The weekly chart on the daily if you zoom back is also asking for the 1490 - 1500 level. So that is giving us a double confirmation we might see these levels.

The smart money is now back in the market, and they were not short. The novice retails traders who traded through xmas were short, and it was the wrong move to make.

As you can see on the chart below, what a difference 2 or 3 days make on the market.

Inverted head and shoulder patterns do not always work out, but when they do, its a real sight to see. So now we have a double confirmation we will wait and see what happens. :-)

inverted head and shoulders

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