Again, I’m really not looking for a lot this week. I suspect we will be getting some continued consolidation early on in many markets…upward move in dollar, downward a bit in gold, perhaps down a bit in S & P. Upward correction in soybeans, etc. I do not think the main trends are complete so by the end of the week it would not surprise me to see the S & P be moving up, the dollar moving down and Gold moving back up. If so, it could be an exciting week. Although current increases in investor sentiment are making the contrarian in me start to look for the opposite, the general public and investment advisors still seem too cautious for this to be “the top”. But, we’ll see.
|
Index/Market |
E-Wave |
Daily Trend |
What’s Next |
Entry Price For Current Trade
|
Stop |
|
SP 500 (ES) |
Up, 3, C, [2] |
Up |
No real change. Wave C up of (Y) is still heading up. If A = C it would take S & P to around 1120. .618 of A would take the S & P to around 1064. I still watch and wait. |
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Gold (GOC) |
Up, 1, (C), [B] |
Up |
No change. Gold is in slight pull back but I believe Gold should make a new high for year and may eclipse all time high. I have closed out my trade at 1012, assuming that high will come soon. Either way I see the upside as limited. |
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10 Year (TY) |
Up, 3, (3), [C] |
Up |
Was stopped out with a slight loss. Patterns are a bit unclear so I wait for a significant move up or down |
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Dollar (DX) |
Down 5, (C), [C] |
Down |
Still looks like down in final move, looking for bottom. Bottom could be as low as July low but looking at around 75.70ish. |
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Soybeans(S) |
Down 3, (3), [C] |
Down |
Was stopped out by large upward move on 9/15. Wave 3 of (3) could still be in force. If it is , should take to below 800. Waiting for continuation of downward move. |
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Cocoa (CC) |
Up, 5,(C), [B] |
Up |
No confirmation that upward move is over. Still waiting. |
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