Cyclical Sell Signal for Stocks and Gold
Stock-Markets / Financial Markets 2011 Dec 06, 2011 - 02:20 AM GMTSPX nudged up against the intersection of the smaller hourly Broadening Wedge and the larger daily Broadening Wedge first violated in early August. They both have a downside target of 980.00. It has just fallen beneath mid cycle trend resistance at 1257.70, giving it a cyclical sell signal. Crossing below intermediate-term trend support at 1233.46 will confirm that sell signal. Welcome to wave 3.
GLD has crossed below intermediate-term trend support at 167.40, re-activating its sell signal. To confirm the downtrend, it must cross below its mid-cycle support line at 159.14. Crossing below its lower Broadening Top trendline currently gives GLD a downside target of 113.00.
It is probable that we could see the next major low in GLD by Christmas. The Trading Cycle low is due December 21, give or take about 5 days.
Good Luck and good trading!
Tony
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Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.
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