Follow-up to Friday's GOLD post..

"Look for the trendline on the chart to provide resistance going into the Sunday night Asisan session.."

Here is the updated chart.  Wow amazing what a trendline can do when it is placed in proper place... LOL.. definately not your traditional "connect the highs" trendline... :-)  Almost magnetic, eh?

Have a great weekend!

--Tony

GOLD Update 04292011

" .. If we break cleanly above the upper trend line we anticpate a move to $1556.80 will be underway. From a cyclical standpoint, given the current market mechanics, it appears the trend is up untill 1 May with a possibility of a sell-off into 3 May. " -- Yestarday's Theta's Pendulum report.

Updated chart attached.  I hope you all profited mightly!

Look for the trendline on the chart to provide resistance going into the Sunday night Asisan session..

Have a great weekend..

--Tony

ES Possible ending diagonal

This pattern still has lattitude to morph into something else but the position and overall look is that of an ending diagonal! Be alert!

ES Update

The targets of 1364-1366 are just over head. The short term channel is acting as support and a break my start a correction. The structure is still bullish but very mature and it's time to exercise extra caution.

Eur/Usd short term update!

The short term hourly fluctuations have broken the previous resistance line. We are looking for it to support on the same line. Any break would call us to look for the 8th wave to get registered!

Eur/Usd Update

The long range outlook remains the same for the Euro! We are looking for the 1.6 level to get taken out in the larger outlook. In wave (3) we now have 7 inflections up and we are looking for 9 or 13 to get registered. Based on other forms of analysis the 7th wave is often a very strong thrust and we are nearing its end.

ES Update.

The upward targets are very clearly delineated at the 1364-1366 level. I'm presently still thinking we'll reach it but picking tops and bottoms is not where its at. Its trading with the trend that makes the money. But once we reach certain levels its time to take notice and protect profits. This is one of those times to take notice!

ES Update

The ES's are at a very sensitive level based on wave count. The Pythagorean vector of the last two swings are flirting really close to Theta so it's time to stay sharp! Only a secondary lower high would signal going short and that is based on your particular risk tolerance!

ES Futures Alert!

Ok, here is the scoop. This is my own look at multiple degrees of trend. Since the march 09 low we've now made 5 waves up. In the 5th wave that started in July of 2010 we now have 5 waves up. In that 5th wave we now have entered the 5th wave up since 3/16. Since 3/16 we've now entered the 5th wave up. In that last sequence we are now bound in the 4th wave over the last two days. The next pop up will unfold 5 degrees of trend all culminating in a mature wave count. I for one will not be long the weekend. But depending on the action I'm thinking heavily short!

ES Futures Update

From the 4/18 low the ES's have now registered a minimal 5th wave at the high this morning. Time to tighten up stops on longs. Only a secondary lower high would signal going short and at this point its still a higher risk since the structure remains bullish!

ES Futures Update

The Es's are up against the long term 161.8% Fib projection from the July 2010 bottom. We've already discussed the possible triangle or flat that could be upon us. We've also noted that this could be the 5th leg in a larger wave 3 which could move higher. The initial targets are 1364-1366 if we continue to move upward.