Gold, Oil & Indices (Equity & Bond Indices)

gold 60 min t/f made 3 step potential correction up slightly above the 100% symmetry level at 1717.5 but I suspect higher prices if the risk on rally holds.

yes, QE3 still in sight, crude up should be a good toy for big boys.

@Olivier, referring to 60 min chart on CL, yes yer right we have 70.7% at 100.90 but hasten to add it will not always play, depends on postion of the mkt.

Price has retraced parabolically from the 95 low and screamed straight through resistance levels at 98.20/98.44 and then 99.18/99.39 to make a high today at 100.74 slightly inder the 70.7% level. The move looks impulsive enough to not be a corrective pattern so the probability is we shall see new highs above the 17th Nov at 103.37.

If price retraces back down to around the 98.50 level or lower but without making a new low then the move up could become a corrective pattern not exceeding the 103.37 high.

So jury is out on the tech analysis for further clues but I will try to find time to label a chart and post the link once price has developed a little further.

I second that

DaveO,
Regarding your constructive post about the 70.7 Fib on Crude, would you be looking at the 100.90 area (from 103.36/94.99) for a possible short ?