This Elliott Wave blog is dedicated to sharing Fibonacci ratios and other technical analysis for forex signals, index futures signals, options signals, and stock signals. Elliott Wave Principle puts forth that people move in predictive patterns, called waves. Identify the wave counts, and you can predict the market.
Monday, March 23, 2009
Gold's Bearish, Stock Market's ???; March 23, 2009
Gold sold off near the close of today's US session and should mark the beginning of a significant decline to at least the $880 level. The stock market obviously did not decline like I thought it would but today's fierce rally was on strong breadth and technicals which strongly suggests that this market has formed a significant bottom (S&P 666 cash) and is in a major rally phase. It's too late to chase this rally on the long side so I'll wait for some significant pull back to get in long.
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