Gold, Oil & Indices (Equity & Bond Indices)

My second Dow target posted at 11463 was exceeded today and the NYSE breadth divergence of yesterday has been nullified by further extreme weakness not seen since May 2010.

The next significant potential support levels are at 11,245 and 11,112. Below that we have 61.8% ret of the swing up from the July 2010 low at 10860. In more normal conditions we would have seen a ret by now. 10 red candles can be deemed crash scenario.

DaveO
N.Cornwall, UK


July 26, 2011 14:59 GMT
Member since Jan 2010 OK, from the 32.32 low I can see the 70.7% ret at 44.47 clustered with a 161.8% sym ext at 43.96 and then the 78.6% ret above at 45.83.

I aint interested in those levels unless can break 127.2% sym ext at 41.68 clustered with 161.8% ext ret of last swing down at 42.23 and then we have the 61.8% ret from low sitting on 42.95. Ideally I like the various clusters to be closer together.

What is currently significant is the consolidation at the 50% ret level clustered with the 100% sym level and the 127.2% ext ret level. We have to break to the upside of this cluster before getting too excited about higher prices imo.

Perhaps if gold supplies are running short as intimated by AL on the twitter dreadie just now we might see silver do some catching up ??? Not sure if that theory holds water. Right now we have a near perfect potential ABC pattern corrective so a break above said levels is key for bullish bias. All basis daily t/f.

My my, lovely pies this week.

no bounce today Gunjack, maybe tomorrow from $85...if that fails $80 is open for business
but i think we'll get a decent bounce when or if Bernanke starts talking about QE3

CL could drop further on the long term t/f...but def think there is a great long setup coming here over the next few days. Lets get the NFP # out f the way and we could see a bounce