Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Market at Risk of One More Leg Down in November

IMG Auteur
Published : November 27th, 2012
321 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...

 

 

 

 

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 

 

 

Companies Mentionned : Metals X |
<< Previous article
Rate : Average note :0 (0 vote)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Sernova, Diabetes and Haemophilia
29 JulS W.
Cannot agree with your 'globalists poisoning agenda" claim re Diabetes. Diabetes occurs because people eat and drink too much Sugar for th...
Hyperinflation Defined, Explaine...
28 Julsam_site
From you money supply graph it's easy to see how the globalist-created Vietnam War, Civil Rights Movement and War on Poverty accelerated Big G...
The Jeffersonian Secessionist Tr...
28 Julsam_site0
Your article supports the notion that the south had every justification to leave the union because of the unfair tariff war triggered by the N...
The American Religion of Violence
28 Julfoleymanor12
very interesting. what a nasty bunch the northerners were
Japan's Lemming Syndrome
27 Julrjs2248
Let's all follow the leader (The FED). Once the first domino starts tipping the rest of the global Ponzi scheme will crash. The best outcome is to ...
The Odious Versus the Tedious
27 Juldennyc1
I don't know. Trump may seem incompetent; but the blue ribbon for incompetence must go to and remain with George Bunnypants Bush and his response t...
How a New Vision Rose From the C...
27 Julsam_site
Video is the usual globalist propaganda pushing diversity, immigration and the balkanization of white, mostly southern and Protestant America ...
Sernova, Diabetes and Haemophilia
27 Julsam_site
Because the internet is finally getting out the word that diabetes, like most diseases can be cured through complete 90-element nutrition, exp...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS