Thursday, 12 November 2015

ASX 200 lower from retest of Head & Shoulders top neckline

Daily chart shows the ASX 200 all sessions trading lower following today's retest of the Head & Shoulders top neckline. Resuming it's decline toward the measured target of 4900?

S&P 500 lower from parallel trend line resistance, testing ST H & S top neckline

Daily chart shows the S&P 500 all sessions trading lower from the recent test of parallel trend line resistance.

4 hour chart shows the S&P testing neckline of a short term Head and Shoulders top.

Charting three reasons why Gold's low for the year is probably already in

Daily chart presents the first two reasons why I think Gold's low for the year is probably already in, being (1) the clear bullish Elliott Wave structure from the July low and (2) the oversold RSI, if you look closely it is showing a bullish divergence against this week's fresh low. 

Weekly chart shows the third reason. Gold has a history of holding above significant lows when retest looks likely several months later.

Markets are of course inherently uncertain, you best believe that anything can happen, and Gold may well slide through the July low in coming days or weeks. What then? Next weekly chart suggests that downside could be limited by nearby trend line support.