On a macro basis: I cautioned on 8/16/18 the break back above $1,179.7-$1,183.7 warned of renewed strength. We have seen $905.5 of this. The break above $1,347.0 projected this upward $80 minimum, $320 (+) maximum. We have attained $744.2 of this so far. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.4 so far. The decent break above $1,899.0 projects this upward $170 minimum, $300 (+) maximum based off an ‘ok formed’ pattern. We have seen $190.2 (including a spread differential of roughly $20). The decent break above $1,899.0 projects this upward $170 minimum, $300 (+) maximum. We have seen $190.2. The line for this comes in at $1,915.4 today. All of the above bullish formations are now ON HOLD. I noted we had a higher timeframe possible exhaustion to contend with that comes in at $2,071.6-93.2 that has the potential to bring in a bearish correction—we held this at $2,089.2 and have rolled over $215 so far. The trade back below $2,043.6 has brought in $169.4 of the decent pressure we are looking for, likely for days/weeks. This will come in at $2,057.3 today.
On a lower timeframe basis: The decent trade below $2,042.4 (+4.3 tics per/hour) put this below a steep formation that projects this downward $23 minimum, $65 (+) maximum. We have attained $168.2 of this so far. On 8/11 we left a lower timeframe reversal above that warned of decent pressure, likely for days. We have seen $115.4 so far. Trade below $1,939.1 is a sign of weakness. Trade below $1,919.7 is an additional sign of renewed weakness. Today has a good likelihood of being a range expansion day. NOTE: a maintained gap higher today will leave a lower timeframe bullish reversal below that will warn of decent renewed strength, possibly for days, but this will have greater credibility once we take out $2,039.7.
NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold and Energy complex. 'Decent penetrations' are specific amounts and provided to clients daily as well. If you are interested, please feel free to reach out.
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