down to a projected target at 78.25. next target is 77.06.
But the cycles and trade pressures are turning up. a trade up thru 79.39 would signal a new retracement up.
Author: Charlie
Crude Oil
the projected target down of 72.89 was met. the expected turn up has manifested itself, in a sharp move up from 74.89.
the next target is nearby at 80.65 with a 83.53 target likely.
a move down thru 77.57 would start a new move down.
near cycle peak and the trade pressures are up and extended.
Metals
As the dollar has turned down to projected targets, so have the metals gold silver and copper turned up.
Copper – has broken thru all upside targets and seems headed to 3.74.
a trade down thru 3.62 puts 3.44 in play.
Gold – the long term target is 1420. the daily target is 1323. a trade down thru 1291 would create anxiety down to 1262.
Silver – has moved past all daily targets , 23.02 is the longer term target.
S&P Futures
next month ends this downward set of time pressures. the weekly time pressures should also end Oct 15th.
trade pressures are up, so side ways thru the next few weeks.
the weekly touched the long entry price of 1144 and is pulling back from there. the second time thru sets up a 1288 target.
the daily has enjoyed a run from the 1068 entry price thru the channel resistance of 1130. and now the next target up is 1158.
a trade down thru 1117 will signal a new move down to 1049 with first resistance at 1094.
both trade and time pressures are extended up. so next move is likely down.
Crude Oil
long term target is still down to 61.09.
Met the upside target of 79.18 and moved down triggering the short entry price of 76.07.
next target down is 72.89.
but, all pressures are down and trade pressures are showing divergences. look for a move up in the energy complex.
US (DX)
the FED QE conversation is suggesting dollar dilution. the dollar goes down and the tangible assets go up.
the break thru the prior low says lower. the next target down is between 79.10 and 78.25.
it will take a move up thru 80.72 to get a new signal up.
But the trade pressures and time pressures are oversold on the downside, suggesting the next move might be up.
Metals
as the dollar declines both industrial and precious metals rise in dollar terms.
Copper –
copper tested the old high three times and finally broke thru yesterday. this voids the previous down move signal.
this new upmove from 3.54 has a first target of 3.69.
a move below yesterday’s low of 3.47 will signal a new move down to 3.35.
GOLD- everyones loves gold. all pressures are very extended on the upside.
the break above 1268 signaled higher. the next target up is 1305.
a move below 1271 is required to generate a sell signal.
S&P Futures
Pressures remain up. moving sideways in a channel in the weekly since October of 2009.
1144 starts a new up trend.
Daily –
in the uptrade from 1063. the 1122-1128 area is the current resistance and the trade pressures are turning down. so expect a pullback.
1158 is the upside target if we get thru 1130.
1100 signals a new down move to 1031.
the first support in the down move will be 1076; expect that to hold.
S&P Futures
moved to the Dec contract.
long cycle time pressures are down. trade pressures are up. 1143 starts a new move up.
Daily – in the move up from 1063 to 1158. the next resistance up is 1110. trade pressures are extended up.
1084 will signal a retracement down of this move up.
if cycle and trade pressures are up then a short cycle entry is 1099 to 1116. stop at 1081.
Crude Oil
Crude is in the move up from 73.69, at the first resistance up of 76.60. 77.97 is the next target up.
a move down thru 73.69 will signal a move down to test the recent lows.
time and trade pressures are up.