Three videos this evening – the regular Monday update, a special update on international indexes and a special update on Gold as our first target has been hit.
SPX – Near a turn, expecting marginal higher prices or the high from Friday could be it. RSI divergence is a MUST WATCH – it must hold here.? Next legg down is definitional, Watch the Monthly Pivot at 2083, break this and we see a double bottom test and lower lows possible. If this pivot holds or perhaps a higher support holds, new all time highs are coming. Still expecting a high window in September.
RUT – Near a turn, expecting marginal new highs to 1279. Nice divergence and setup for a 5th wave here. Same as SPX – if support found, new all time highs in store.
Oil – Still expecting 49.20ish – bears must push Monday and break Friday’s low. Expecting a turn in the low 49’s, next legg up is definitional – resistance found in the 57.50 area and we likely see new lows.
USD – We have invalidated the triangle and are still in a bearish formation. Expecting a turn Monday from the 98.245 – if we break this we open the declining resistance trend line from the high. Still looking for lower low and targeting 90ish.
Gold – Special update video below – our first target has been hit – 1092. We have just completed W3 of the current formation and need a bounce to 1127ish or as high as monthly S2 at 1136. From there we likely see lower price to our second target at 1065.
Special Gold Update
Special International Index Update
This video shows correlation across indexes and builds on Jack’s post regarding the Nikkei. Covered the DAX, FTSE and Hang Seng and Nikkei. All currently reaching resistance.
Good luck this week. 🙂