CRUDE_
as in the past the $91 area has been resistance. the Monday trade moved thru that area and it is now acting as support.
the next target up is 95.40.
a move down thru 90.63 would signal a retracement to 84.76.
Author: Charlie
Metals
COPPER_ made a retest of the lows and then made a second move up thru the long entry at 3.16.
the 3.66 target is reached today as the Euro moves higher on ever hopeful news.
the next target up is 4.08,
and 3.38 is the short entry price.
GOLD_ made the expected pull back to 1616 and now moving to 1777.
a trade down thru 1713 would signal some pull back perhaps to 1684.
SILVER_ the trade up thru 31.27 started the move to 34.96 and then 35.92.
a trade down thru 33.43 would signal a pull back.
Metals
COPPER_ the long term is still up, until 2.82 is broken.
the retracement move up to 3.41 is complete.
3.32 has started the move down to 2.98.
a trade up thru 3.32 will signal a new move up.
GOLD_ the 1598 downside target and the 62% retracement at 1546 is still the remaining support.
the current move is up from 1595. the first target has been reached and a pullback is underway; the next target up is 1777.
the pullback target is down to 1616.
a move up thru 1660 should signal a new move up.
SILVER_ the silver low of 26.095 was very close to the downside target of 26.837.
the current move is up from the 30.31 entry price. the first target of 33.04 has been reached.
the pull back to 30.09 has been reached. the next target down is 28.40.
a move up thru 31.44 should start a new move up to 33.08 and then to 34.78.
S&P Futures
getting near the 1220 on the futures.
the buying pressures are extended on the upside.
time pressures are up thru 10/28.
so expect a pull back, but not a deep one. perhaps to 1185
S&P Futures
the weekly trade pressures have turned up while the time pressures remain down thru 11/11.
the trading range is between 1071 and 1224.
the 1085 target signaled by the June 3rd bar has been met and appears to have held.
the Daily trade is up from the 1106 long entry with the next target of 1220.
time pressures are up thru 10/28 and trade pressures are up but extended.
a move down would be signaled by a trade down thru 1155.
US$ (DX)
DX_
the DX traded down thru the short entry at 79.51 and past the 78.18 first target and now is moving down to 76.77.
these downward pressures are in place til 10/25.
a move up thru 78.75 would signal a new move up to test the 80.89 target.
Crude Oil WTI
CRUDE_
traded down to the stop price and then reversed up out of the channel at 78.65.
traded to the first target of 84.06. The next target up is 89.67.
a pull back into the low eighties would be healthy.
a trade down thru 84.93 would signal a move to 81.450.
Metals
As projected, the dollar is in a correction and the Metals are making a corresponding move up.
COPPER_ in the correction up to 3.41. the next target up is 3.66
but pressures indicate overbot and a pull back is in order.
a move down thru 3.31 would signal a target of 3.19.
GOLD_ at the 1672 target, the next target up is 1757, but some pullback is likely.
a trade down thru 1652 would signal a move down to 1621.
SILVER_ silver met the 32.81 target and is now pulling back.
the next target up is 35.51.
the move down thru 31.72 has signaled a down side target of 30.00
PALLADIUM_ some very wide range bars. the spike down thru the 596 downside target may have shaken out the last longs.
Currently in a move up from 571 to 677 with an interim target of 623.
a short cycle long entry was triggered at 602 with a target of 633; and then a 665 final target.
S&P Futures
the weekly is now signaling lower to 1043.
for reference, the July 2010 low is 976.75
the daily, which is the trade time frame, has traded down thru the 1085 target to 1077 which is an intraday target.
trade pressures have turned up on the hourly ; a move up thru 1092 is needed to get the move up going.
the second time thru may cycle up in the afternoon of the 5th?
S&P Futures
Monthly and weekly time pressures are down thru 11/25, thanksgiving.
(Many of the other market cycles are coincident with the S&P cycles)
trade pressures are down.
Daily – the trade down thru 1154 has started a move down.
trade pressures are down and pressing against the 1102 support.
If that fails, then the next target down is 1085.
need a move up thru 1133 to start a move up to 1165.