Zooming in a touch and adding a couple of new lines (albeit more speculative, less proven), shows that the market is testing trend line resistance and could already be turning lower again.
Wednesday, 23 September 2015
4 hour chart for the S&P 500 shows parallel trend lines which have been a useful trading edge in recent months. Nearby trend line resistance sits around 1980, suggesting that level must hold if further near term weakness is to be favoured. Charts include all sessions trade. I posted longer term charts yesterday.
4 hour chart for Gold shows it is attempting to rally from trend line support, at the top of the channel that has provided more than a few trading edges since the July low. The Elliott Wave count favours immediate rally in another 3rd wave higher, which (obviously?) doesn't mean that we will see a rally, but (less obviously?) means that if we don't see an immediate rally from above Tuesday's low, I am free to look for better opportunities elsewhere. I posted my longer term view for Gold most recently in this post on the weekend.