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U.S. House Prices Analysis and Trend Forecast 2019 to 2021

Stock Market Pulling in the Bottom Feeders

Stock-Markets / Stock Markets 2012 Jun 05, 2012 - 04:21 AM GMT

By: Anthony_Cherniawski

Stock-Markets

Best Financial Markets Analysis ArticleSPY closed above its 200-day moving average at 127.90, opening the door for a brief surge to the new Head & Shoulders neckline at 129.50. Should the Head & Shoulders downside target be met, there is yet another formation which I will disclose later that give a potential target near 875…a 30% decline from today’s close. The Broadening Top has been the early warning pattern for what is to come. All of this is possible by June 13.


FXE also appears to be in need of one more poke higher to retest its Head & Shoulders pattern as well. There is also another formation that may send FXE to as low as 88.00. by June 15. I’ll keep you posted on that as well.

GLD may also have one more poke above its neckline to 160.34, where wave [5] equals wave [1] of ii. This will draw in the bottom fishers anxious to go long just in time for the trap door to drop. Tomorrow is also a pivot day for GLD, so the last spike may only come at the open, then reverse rapidly.

One potential bit of market moving news may be the ISM non-manufacturing index, to be released at 10:00 am.

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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