Tuesday, August 10, 2021

SPX and Gold Updates: Weather Report Says...

Let's lead with Gold today -- on July 26, I issued a warning about gold, along with concrete warning levels... and gold has since captured the downside target that I suggested a break of those levels might imply:

SPX continues to muck about at current levels, but we'll take a different look at it after this first (unchanged) chart:

Here's a different, potentially more pessimistic (if 5 does not extend), view of SPX:

In conclusion, there's been little from the market since last update, and the complex correction I've been wondering about has not yet materialized (and may not materialize at all, as I've noted).  But, either way, now I think it's time to step past "complacency" and remain alert to at least the potential of something more bearish developing, in the event SPX chooses to complete its current (presumed) 5th wave with no fanfare.  Right now, this is only a potential, of course... so, sort of like when the weather report says "chance of rain" -- it may not rain at all; in fact, it may remain perfectly sunny -- but it's not necessarily a bad idea to carry an umbrella anyway.  Trade safe.

1 comment:

  1. Just using symmetry on the SPX we have an interesting pattern with fairly precise targets and dates. Count 7 waves off 5/12 lows. Wave 2 low at 5/19, wave 4 low at 6/18, wave 6 low at 7/19. Each of these swing lows had stronger drops than the last. Suggesting 8/19 will be next low and fall greater than 130 points. This is not Fibonacci or any other system. Visual symmetry is detected. We should know early next week if this can be a reality.