On a higher timeframe 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. On 4/2 we left a bullish reversal below that warned of continued strength. We have seen $470.7. We have seen $398.2 of the strength warned about above the $1,690.3-$1,691.0 area. All of the above macro bullish formations are ON HOLD. I noted we had a higher timeframe possible exhaustion to contend with that came 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 $238.2. The trade back below $2,043.6 has brought in $192.6 of the decent pressure we are looking for. These are ON HOLD. Decent trade above $1,960.6-2.7 (+1 tic per/hour starting at 8:20am) will change the general picture and warn of continued strength for days/weeks.
On a lower timeframe basis: We held exhaustion above at $1,999.7-$2,006.5 with a $2,001.2 high and rolled over $150.2. The decent trade below $1,965.7 (+3 tics per/hour) warned of decent pressure. We have seen $114.7. These are ON HOLD. The break back above $1,894.8 (+2 tics per/hour) has brought in $44.6 of the short covering warned about. The decent break above $1,905.0 also warned of a run for $1,927.0 (+)—we have seen $34.6 of this, taking out $1,927.0. The decent trade above $1,914.5-5.6 (-1.5 tics per/hour) projects this upward $45 minimum, $104 (+) maximum. We have seen $23.8 of this so far. If we break back below decently, look for decent pressure to come in. This will come in at $1,911.8-10.7 (-1.5 tics per/hour starting at 8:20am). A maintained gap lower will leave a short-term bearish reversal above, but this will be more effective if/once we take out $1,905.3.
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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