BINGO- GOLD 1076

Finally hit its target and actually went over so you all know what that means- higher prices are coming.

Updates

I will be busy today and tomorrow so just a heads up on the markets. Yesterday's bounce was 100% a spot to get short! What occurred the last two weeks was just our regular trend of earnings season and with most of the heavy weights out of the way we are back to analyzing the economic data.

Watch that 1023 area and below that we could head down to 1012 very quickly but as you know I am looking for us to clip below 1000 very shortly.

Right here I am totally confused by oils movement but I am sure it will resolve itself soon. Also Gold looks like it wants to finally tackle it triangle target of 1076, we will see soon enough.

MARKETJEDI

Here it comes

letS do it market you know you want that 1023- Please let me say BINGO! :)

Funny

They ramped us up to +130 points on the DOW now we are only +10. If we don't bounce around here I would not put it pass us trading down to the 1022/23 level today or overnight.

Number to watch

1050 on the upside as resistance today and 1022/3 area as support.

This week-

Watch out for S&P 1000 this week!!!!!!!





I do believe the evidence overwhelmingly supports the case for an intermediate top being in place.
If I'm correct in my assessment, wave [ii] will be a "suckers rally." Wave [ii] completion should provide a very nice shorting opportunity, and a place to get rid of your longs.

US Dollar

Strong impulsive upside price action for the bucky this past week.

It appears that structure has traced 5 waves up off of the 75.08 L. The question now is - has the dollar bottomed?

Though it's much to early to make that determination, everything is in place for this to be the case.

Notice how RSI tried to break out of the 50% level once again. Will it be successful this time? My guess is that it will, but it may need to pull back again to get a running start.

We are right at the upper boundary of the channel with the 50 sma directly overhead. Both of these are potential resistance.
The 78.085 L is critical support for a bullish case. Should price trade through that level, then obviously, the trend has not changed.
The 77.74 H would be the next logical important pivot that needs to be taken out to the upside.
Throwing the fibs on the impulse wave, assuming it is complete, yields targets of 77.615 (100%) and 78.629 (161.8%).
Bottom line - We should see another 5 wave move up, once the retracement process is finished, if not already. Regardless of whether "the bottom" is in, we should see higher price near-term.