No replies to this topic

[SilentOne]

The Euro is giving me pause at the moment. It sits on a 3 year tredline right now, and looks like it is sporting a multi-week bear flag.

http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$xeu,uu[l,a]daclyyay[df][pb50!b200][vc60][iub14!la12,26,9]&r=7688.gif

Technicals are rolling over and do not seem to be inspiring a bounce from here.

http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$GOLD,uu[p,a]whclyyay[d19940303,20041231][pb50!b200][vc60][iuv25!uk14!ua5,34,5!up14,3,3][J26818710,Y].gif

Again weekly techncials are not great for gold at this time.

And as I pointed out during the chat, the XAU technicals are near all-time lows on daily and weekly. That does not indicate 4th wave action, as it should be higher than this. I'm thinking wave 2 correction of the bull, and if so, it could take a little more time.

http://stockcharts.com/def/servlet/SharpChartv05.ServletDriver?chart=$xau,uu[l,a]waclyyay[df][pb50!b200][vc60][iub14!la12,26,9]&r=8298.gif

It is very unlikely that this is a 4th wave. It is something else IMO. I'm bullish LT, just not sure what is going on right now.

cheers,

john