Chart usGOLD   Chart usSILVER  
 
Food for thought
The great Khan (Chinese ruler), causes the bark of trees, made into something like paper, to pass for money all over his country
Marco Polo  
Search for :
LATEST NEWS  :
MINING STOCKS  :
Subscribe
Write Us
Add to Google
Search on Ebay :
PRECIOUS METALS (US $)
Gold 1294.73-4.02
Silver 20.540.01
Platinum 1472.60-5.40
Palladium 877.100.62
WORLD MARKETS
DOWJONES 16865-55
NASDAQ 445512
NIKKEI 1564628
ASX 561535
CAC 40 4312-53
DAX 9594-60
HUI 238-4
XAU 100-2
CURRENCIES (€)
AUS $ 1.4364
CAN $ 1.4596
US $ 1.3377
GBP (£) 0.7917
Sw Fr 1.2175
YEN 137.7560
CURRENCIES ($)
AUS $ 1.0740
CAN $ 1.0909
Euro 0.7474
GBP (£) 0.5917
Sw Fr 0.9099
YEN 102.9690
RATIOS & INDEXES
Gold / Silver63.03
Gold / Oil12.85
Dowjones / Gold13.03
COMMODITIES
Copper 3.240.02
WTI Oil 100.72-0.25
Nat. Gas 3.77-0.05
Market Indices
Metal Prices
RSS
Precious Metals
Graph Generator
Statistics by Country
Statistics by Metals
Advertise on 24hGold
Projects on Google Earth
Market at Risk of One More Leg Down in November
Published : November 27th, 2012
321 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 ) Print article
 
    Comments    
Tweet

 

 

 

 

The SP 500 declined a perfect 61.8% Fibonacci retracement of the summer rally from the 1267 lows to the 1474 highs. In our work we examine human behavioral patterns, sentiment, and Elliott Wave patterns to help with clues on market direction. To be sure, there is no such thing as a perfect technical analysis methodology, so we do our best to mix up a home cooked recipe for assistance in getting as close as we can to calling the pivots up and down.

 

In the near term, we notice the market has rallied out about 45 points off the 1344 pivot lows last week to around 1390 today. This retracement marks a normal 38.2% Fibonacci recovery of the most recent wave 3 decline to 1344. Typically, this is a wave 4 mini-bullish pattern as washout lows get bought and then shorts cover fueling the rally a bit higher. However, this is often when another sledgehammer comes out of left field and knocks the market down in what we would call a “Wave 5” decline to new lows on the downtrend.

 

Investors should watch both the 20 day moving average which is declining and around 1392 or so, and the 1388-1392 38% Fibonacci retracement areas for resistance. Only a strong close over 1392 can eliminate the potential for one more leg down to the 1316 areas on the SP 500 before the month of November comes to a close. With that said, we expect a rally in December for the markets and hope to see this barrier taken out soon, but would advise traders to tread with caution until such time.

 


 

Consider joining us at www.MarketTrendForecast.com for occasional free reports and or a 33% discount to join and get regularly daily forecast updates on the markets and precious metals that are outside the box.

 

David Banister

The Market Trend Forecast

 

If you’d like to receive free weekly reports, please check at www.markettrendforecast.com 

 

 

Tweet
Rate :Average note :0 (0 vote)View Top rated
Previous article by
David Banister
All articles by
David Banister
Next article by
David Banister
Receive by mail the latest articles by this author  
Latest comment posted for this article
Be the first to comment
Add your comment
TOP ARTICLES
Editor's picks
RSS feed24hGold Mobile
Gold Data CenterGold & Silver Converter
Gold coins on eBaySilver coins on eBay
Technical AnalysisFundamental Analysis

David Banister

Dave Banister is the Chief Investment Strategist and commentator for ActiveTradingPartners.com.
David Banister ArchiveWebsiteSubscribe to his services
Most recent articles by David Banister
12/6/2012
12/4/2012
11/29/2012
11/27/2012
11/13/2012
All Articles
Comment this article
You must be logged in to comment an article8000 characters max.
 
Sign in
User : Password : Login
Sign In Forgot password?
 
Receive 24hGold's Daily Market Briefing in your inbox. Go here to subscribe or unsubscribe.
Disclaimer