Wednesday, September 2, 2009
Gold Bugs
Gold bugs out there should be happy about the movement in that commodity today. It has been consolidating for a long time and is due to break soon. Looks higher
Volume
Doing some homework here on yesterday's action I noticed the volume was almost 50% higher than the average for August on a daily basis.
Very bearish action indeed
Very bearish action indeed
Yesterday Action
Yesterday's action was very bearish as they sold them hard. Volume on the downside was 90% and the VIX rose by 12+% enforcing the bearish sentiment. We need to break 990 for the structure to be clean but we should at least get a little re bound today no matter how small it could be.
The next level below is definitely 975 which is where the B completed and the bulls will definitely try and defend this to the last. Bears don't want us to revisit 1028 area, but I dont see anything positive in this structure.
As I have been singing since the bottom, the top should be around 1045/1054 area and we visited 1040, so that might be enough to satisfy the structure off the bottom. Do we go straight back down? Nope but you need to be bearish here or if you long start getting flat.
The next level below is definitely 975 which is where the B completed and the bulls will definitely try and defend this to the last. Bears don't want us to revisit 1028 area, but I dont see anything positive in this structure.
As I have been singing since the bottom, the top should be around 1045/1054 area and we visited 1040, so that might be enough to satisfy the structure off the bottom. Do we go straight back down? Nope but you need to be bearish here or if you long start getting flat.
Tuesday, September 1, 2009
Below 1000
This is very significant development here. The structure is fully in contact and I guess maybe 1040 is all she had on the upside.
1006
1006 didn't hold! We sliced through that and 1000, no I am looking and I can say the structure is still correct with the 1040 peak. I am so upset i missed it as I was expecting 1045, rrrrrrg Oh well.
Now if the structure is correct and 1006 holds up down we should see 975 in a jiffy although they might try and hold the 983 level
Now if the structure is correct and 1006 holds up down we should see 975 in a jiffy although they might try and hold the 983 level
Dive
Pretty hard drive here. I have no clue if we had hit an short term high at the 1040, 4 points short of my target area) or this is a pullback to attack it once again. The momentum is definitely down here in the mid day but we have been seeing buy into the close of the last days, so lets us watch the close.
Very concerning for the bulls that we crushed through that 1006. Lets see what they want to do
Very concerning for the bulls that we crushed through that 1006. Lets see what they want to do
Subscribe to:
Posts (Atom)
