13 thoughts on “CHART OF THE DAY”

  1. Bob UK

    With the Chinese markets plunging… and seemingly something ‘final’ going to happen regarding Greece this weekend… surely the Fed will be stepping in big time this week and next to prop up the markets? I can’t see how they cannot or will not.

    Interesting times.

    1. gary Post author

      I’m sure they will try. The question is will it fail? Despite massive efforts the Chinese governement has not been able to prop up the SSEC.

  4. Frank

    The market peaked May 20. We are in the EW post-diagonal triangle plunge. Let’s see what happens.

  5. Stefan

    Yes and there was a lower top more than 30days after the first one, that is bearish imho

  6. james moffett

    Gary,
    Your second scenario above seems to have played out today….stocks continued lower. For the SPX, what would be the time-frame for an ICL?

  8. JohnWilkinson

    There is an assumption that the gold bear market will turn into a bull market once the low is reached. That’s called a non-sequitor. In other words, gold can head into a deep low, then simply trade around those levels for months or even years. This is a phenomenon that has happened across many different markets, for years. We’ll have to see what the conditions are at the pending gold market lows, before deciding whether a new bull market is ready to begin. Until then, all expectations for a new bull market in gold should be thought of as recency bias–the emotional expectation that something resumes.

  9. Stefan

    #John

    If you look around the world with all financial issues I find it highly unlikely that we are heading for a multiyear consolidation in precious metals.

    The fundamentals for gold&silver today is so much stronger than the seventies, remember interest rates was at 4-6,7% during that time.

    But I’ve wrong so many times so you never know …

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