CRUDE (CL)_ same setup as the metals
still in the trade down to 92.12, but both time and trade pressures are up
and the weekly trade cycle is oversold.
the long entry price is 101.16
Author: Charlie
Metals
COPPER_ all metals are oversold.
after attempting a move up and failed at the entry price, copper is in no trade
the next price target down is 3.59
trade pressures are overbot and time pressures are up.
the entry price up is 4.12
GOLD_ in the down move to 1444.
and time pressures are about to turn down, trade pressures are up.
need to take out the 1529 high for the move up to continue.
SILVER_ all time frames are oversold.
still in the move down with the next target down to 29.26.
but both time pressures and trade pressures are up.
a trade up thru 36.34 would signal a test of the recent 39.47 high. but it needs to happen soon.
S&P Futures
the longer term time pressures are up thru the 4th of july then down into october
trade pressures aremain u but showing some divergence.
while still in the longer cycle move up, a trade down thru 1321 would signal a lower market to 1243.
the Daily is already in the trade down from 1349 with the next target down at 1313, with multiple levels of support at the 1325 level.
again seeing the divergences that could indicate a move up, albeit short lived.
daily time pressures are turning down next week. trade pressures are still down but diverging.
a trade up thru 1345 could signal a trade up to test the recent highs.
US$ (DX)
DX_ the intraday long entry of 73.13 has proved correct and has been confirmed by the 74.46 long entry on the daily.
the next target up is 76.78.
trade pressures are up and time pressures are up.
a trade down thru 74.67 is a stop.
Crude Oil
CRUDE_
CL ripped thru the 105 target to the extended target of 99.20 and then thru the march lows.
the pullback to 104.60 set a second leg down to 92.12 and then a possible 84.40.
getting the same divergences as seen in silver,
so a possible move up in the making. but need a trade up thru 101.78 to go long.
trade pressures are neutral and time pressures are up.
Metals
COPPER_ traded lower thru the 3.95 target signaling lower to the next target down of 3.59.
all trade pressures are down. the downward time pressures end on May 16th.
need a trade above 4.11 to get the upmove restarted.
GOLD_ gold is in the second leg down to the two targets of 1459-1452, with a possible further low of 1415.
the trade pressures are down and the time pressures are up.
need to take out the 1529 high to get moving up again.
SILVER_ met the downside target of 32.22.
this recent pull back to 39.47 and the failure to follow thru has set up the second leg down to 29.26 target.
a move up thru 34.75 is required to start a new move up, but perhaps only to 42.11.
this is some divergence here. trade pressures are neutral and time pressures are up.
S&P Futures
the projected high for this market move is 1560. but a pull back comes first.
we have traded thru the short entry price of 1349 today. the next target down is 1313.
need a move up thru 1357 to test the recent highs.
the time pressures are up thru May 16th. the trade pressures are down.
US$ (DX)
the dollar is in control of everything, it seems.
it goes down and every thing goes up. so what would happen if it went up?
well it is up 9 cents today;
and corn is down 11 cents, crude is down 2.56, and the equity market has turned down with new downside targets.
we have met the downside target of 73.14; in the short cycle trade the first target up is 73.64 and then 74.05. the long term long entry price is 74.47.
a failure to follow thru on this move up takes the dollar down to 72.56
Crude Oil
traded down thru the short entry with a 108.86 first target and then a 105.17.
trade pressures are down, and time pressures are down thru May 16th.
the next target up is 117.94, need a move back up thru 112.20 to restart the upmove.
Metals
COPPER_ remains in the move sideways with downward pressures.
the downside target is 3.96
trade pressures are turning up. downward time pressures end May 17th
GOLD_ after the 1576 high, now in the move down to 1507 and then to 1452.
time pressures are down til Jun 6th. daily trade pressures are down, but weekly still up.
SILVER_ trade pressures turned down Apr 26th and time pressures have been down since April 13th.
the next target down is 38.95. panic selling could go to 32.27
would need a trade above 45.35 to get long.
[May 4th update: touched the prior upside target of 39.63 and now the 38.95 target to the penny. trade above may 4th high would act as a stop for any short]
SLV time pressures turn up 5/5