The decent trade below 15773-78 (+.8 of a tic per/hour) projects this downward $8 minimum, $80(+) maximum. We have attained $26.2 of this so far. The above bearish formation is ON HOLD. I warned in the Post Market Synopsis on 2/5 that this may now be entering a lower time frame bullish correction against the move down from 15985 before (if) resuming lower trade. The decent trade above 15537-56 (-6 tics per/hour) warned of decent short covering—we have seen $17.2 of this so far, but I said this is a bit steep to lean against. There are areas of possible exhaustion for the lower timeframe correction that come in at 15722-48, 15804, and 15888—the lower of which we have held twice and are testing again as I write this. Decent trade above 15845-54 (+.8 of a tic per/hour starting at 8:20am) will further negate the formation we broke down from at 15773-78 and open the upside further to continued strength. NOTE: this is just a small portion of the market calls I provide my clients twice daily in the Gold and Energy markets along with specifics for 'decent penetrations'. Please feel free to reach out if you are interested.
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