- In Trading Thoughts / Economics
- Last Updated: 16 November 2013
- By Gary Caumont
We hit my 2952 target yesterday, confirmed it intraday, and now look to be forming a second cascading ABC down- see the following 33day daily chart.
The chart shows our downward progress from the 3197 top. Vertical lines are 11day intervals. Today (11/8) is day 10 of the latest interval so I would expect 2883 to be hit by 11/9. "A" start at 3112 to the center of "B" at 2997.5 projects a 2883 "C" target. A move above the "B" top at 3034 cancels this target. I would watch $Gold for direction here as it has recently been stronger than stocks and has a ultra short term wave 5 target in the 1762 area as long as we stay above 1702.