Gold Due for Pause that Refreshes
LEE ADLER 3 - GOLD TRADER MARCH 15, 2024
The 9-12 month cycle projection now points to xxxx, but a consolidation is due in the short run as the 13-week cycle appears to have topped out for now. The conventional measured move target of the high base breakout xxx xxxx xxxx. For the advance to continue, gold must xxxxxxx xxxxxxxx xxxxxx. Non-subscribers click here for access.
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That's right spport fans. There's a downtrend channel on the hourly chart of the ES, 24 hour S&P futures. But catch it while you can. The top of the channel will be at 5162 as of the 9 AM tick in New Yak. That descends to 5155 at 4 PM when the boyz will go home for the weak end.
Even if they break that line, it may not get far. There's uptrend resistance running from 5165 to 5168 today. Only if they clear that, will it be off to the races again. A mud fight seems more likely.
OTOH, the 4 day iteration of the 5 day cycle seems to be back, and the 5 day cycle hourly oscillators have edged to buy signals.
Advantage bools.
Unless they take out 5145. Then I think we see 5123 again.
Chow for now. It's past lunch time here. Market Flies Blind in Thin Air
For moron the markets, see:
Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
Market Flies Blind in Thin Air March 11, 2024
Swing Trade Screen Picks – What to Do With Profitable Week Behind March 8, 2024
Gold Sets Up for Major Breakout March 6, 2024
The Magic of Rising Stock Prices Driving Liquidity, Driving Prices March 4, 2024
Tax Collections Took Off in a Stunning Reversal in February March 3, 2024
We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
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Yesterday's little launchpad fire on the ES, 24 hour S&P futures has been fully extinguished, and the pad has been rebuilt. The rocket engines are intact, and a new 5 day cycle buy signal has initiated the countdown to liftoff. The 5 day cycle projection is 5250. Obviously, resistance at 5189 must be cleared. Assuming that it is, then the high base breakout would have a conventional measured move target of 5260-70.
Will it get there today? Probably not. There are trend resistance lines at 5190, 5200, and 5210 that must be cleared, and that could take a little chewing.
On the slight chance of a pullback, 5180-5175 looks like spport. Only if they break that is there even a chance of reversal.
I've actually gotten used to being bullish. Obviously, we're doomed. Market Flies Blind in Thin Air
For moron the markets, see:
Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
Market Flies Blind in Thin Air March 11, 2024
Swing Trade Screen Picks – What to Do With Profitable Week Behind March 8, 2024
Gold Sets Up for Major Breakout March 6, 2024
The Magic of Rising Stock Prices Driving Liquidity, Driving Prices March 4, 2024
Tax Collections Took Off in a Stunning Reversal in February March 3, 2024
We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.