Hello traders,
Just a quick little update here...
I continue to target the continuation of our second major ABC move here with the current status undergoing a C wave upwards. While the range is somewhere between 2899-3000, 2949 marks a key resistance level and as of this point we can set that as our initial target.
Moving forward within about a 2-3 week interval I am expecting a downwards move afterwards near 2500. This doesn't mean we will go from 2949 to 2500 in a straight line, however, I believe it will move towards that level within the specified time frame.
As I have said before, if we have progressive and multi-day closes above 3000, this will indicate the bottoms are "in". While the probability is quite low, traders must always remain open to all potential scenarios especially given the historic level of money-printing.
Off-topic but still related, this should allow Gold and Silver to continue their bullish run and the OPEC deal should support Oil prices in the near-term which should push equities up to 'my' level.
- zSplit
Just a quick little update here...
I continue to target the continuation of our second major ABC move here with the current status undergoing a C wave upwards. While the range is somewhere between 2899-3000, 2949 marks a key resistance level and as of this point we can set that as our initial target.
Moving forward within about a 2-3 week interval I am expecting a downwards move afterwards near 2500. This doesn't mean we will go from 2949 to 2500 in a straight line, however, I believe it will move towards that level within the specified time frame.
As I have said before, if we have progressive and multi-day closes above 3000, this will indicate the bottoms are "in". While the probability is quite low, traders must always remain open to all potential scenarios especially given the historic level of money-printing.
Off-topic but still related, this should allow Gold and Silver to continue their bullish run and the OPEC deal should support Oil prices in the near-term which should push equities up to 'my' level.
- zSplit
Note
No changes to my idea here and therefore no new chart to be posted. The C wave impulse is still well intact and the uptrend still continues (as illogical as it seems).Gold is extremely bullish right now with physical (future) prices targeting up to 1830s in the the next week or so as a possibility.
For those wonder why Silver is lagging...it is because Silver is considered an industrial metal. Silver shines when economies just come out of a recession and have just started to stabilize, even if they remain weak. Silver will likely shine later this year (more-so 2021 and beyond), even though Gold could pull it upwards.
Contrary to some people I have seen on this site - Gold leads Silver, not the other way around.
Even if the market has a down day here and there, I suspect we will go at-least to the upper 2800s to low 2900s before we can have any real conversation about potential sharp(er) pull-backs.
The market will not be bearish unless we have a sharp decline below 2700, or two consecutive days with closes below 2700. Anyone calling for a reversal at this CURRENT time is purely speculating and no technical analysis supports this in the NEAR-TERM.
- zSplit
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.