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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8936
Forum Topic:

Gold, Oil & Indices (Equity & Bond Indices)

Discuss Gold, Oil & Indices (Equity & Bond Indices)
 
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DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
Sep 1, 2011 12:55
SPX may well have completed an ABC corrective up to the 1228 (100% sym level) coinciding with 50% ret of perceived wave 3 move down. If price continues up after a short term reaction my next signif levela would be at 1257/59 cluster being 127% ext and 61.8% ret. I have recently adjusted my fibs to take account that the W.3 down completed 5 waves within as apposed to only 3 waves within. The depth of this ret up tells me that.
DaveO
UK
Posted Anonymously
13 years ago
Sep 1, 2011 12:46
jacek, re my gold stance, the move down from high did not look like completed corrective pattern and the ret thus far slightly exceeds 61.8% level. Again, the ret pattern is not helpful. Thus as far as pattern is concerned I too am confused for the time being.

If stocks turn down again with a vengeance I shall expect gold to start "trending" up again. IF stocks moved up to make new highs (Very unlikely) the gold correlation would most likely revert back to positive with stocks. The negative correlation is likely to remain for so long as there is real fear in the mkts but during corrective periods we shall see some intra day sideways action also. Perfectly possible that gold has not finished its move down yet, just wish patterns were clearer.

On this occasion my perspective is very wooly :-)
jacek
Melbourne, Australia
Posts: 2579
13 years ago
Sep 1, 2011 8:14
looks like SPX might go even higher..

"..Short-selling interest in S&P 500 stocks has reached its
highest since November last year as investors piled on bearish bets in
the past month, the FT reports. Until last month, shorting interest had
fallen to its lowest since at least 2008, according to Data Explorers.."
jacek
Melbourne, Australia
Posts: 2579
13 years ago
Sep 1, 2011 0:55
Dave.. well done on SPX.. but still confused about gold:-).. QI very observant about range there:-)
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
Aug 31, 2011 21:44
from triangle break on the SPX to first symmetry target was nice 36 handle trade. Not to be sneased at.
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
Aug 31, 2011 21:40
its all about probabilities and trading parameters.
cat0nip
Frankfurt, Germany
Posts: 1632
13 years ago
Aug 31, 2011 20:57
ah...unfortunately I don't have a Pakistani Taliban idom dictionary. You mean it can either go up or down?
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
Aug 31, 2011 19:55
http://blog.cmcmarkets.com.au/2011/08/29/triangle-set-ups-sp-500-and-csl-ltd-2/

There ya go, my nic daveold. Ric is very sound analyst, worth following for educational purposes.
Citiboy
London, UK
Posts: 20
13 years ago
Aug 31, 2011 19:28
Dave once again thanks for your thoughts can you give me a link to the CMC blog please?
DaveO
N.Cornwall, UK
Posts: 5733
13 years ago
Aug 31, 2011 18:50
expecting stocks to crater into the close again
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