- In Trading Thoughts / Economics
- Last Updated: 16 November 2013
- By Gary Caumont
We did get a B top on 10/17 after failing to hold the 6 day high of 3103- see the following 30day daily chart.
The whole move from 3197 to 3037 taken as an A down to the center of B at 3074.5 projects a 2952 C target. I would expect us to hit this target in the next two trading days which would complete an 11 day cycle from 10/08. Last Fridays close of 3006 put us below my long term wave 3 target of 3018- this is an alert to the possibility that we may be in a long term wave 4 down from 3197. This possibility is confirmed if we go below the 6/4/12 2727 low admittedly a long way down from Fridays 3006 close.
$Gold also took a beating along with stocks. We have now put in a triple top in the 1800 area and look to be targeting the 1700 area. The large ABC down to 1415 is still in play (see 12/30/11 article) as we have yet to exceed the presumed 1804 B top.