Wednesday, October 19, 2011

October 19th Update

S&P 500
Below is a Geometric Grid and Fibonacci Grid for the S&P 500 using the time-price range of the May-October downtrend. If the market is in the beginning stages of a prolonged bear cycle the market may move sideways until a time harmonic of the previous decline is reached--then continue its decline.
The S&P is at the 50% retracement of the May-October downtrend and is testing the 200 day exponential moving average.

Gold is in a precarious position and will have to resume its uptrend to stay in a intermediate cycle bull trend.

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