Click HERE to view current charts

Saturday, May 21, 2011

Saturday, 5/21/11 update

Gold appears to have completed a triangle type Minute Wave 4 on Friday.

Gold futures - hourly bars

If true, this should lead to a nice rally that has the potential to reach into the upper 1600's area.

Gold futures - daily bars

Likewise Silver has the look of a triangle over the same time period, which would also be a 4th wave but of
Major Wave degree, which means any top generated will be a much longer term top than that of Gold.
(click HERE for silver charts)

Saturday, May 14, 2011

Saturday, 5/14/11 update

The ES has been in a wedge type formation for two weeks now.

The ES/SPX appears to be at a major inflection point.  Current Elliott Wave and other ES charts can be found HERE.  The direction of the eventual breakout from this current wedge is likely to be in the direction of the general trend for some weeks to come.  Given the breakdown in the commodity and currency markets and the strength in the US$ (not unrelated), the odds are that the breakout and subsequent trend are going to be to the downside.