03/08: Dow Jones fell sharply after failing to get above 13060. But the index did manage to claw back some of its losses towards the end of the session. In fact the Dow Jones held above previous resistance of 12835
The price of Gold reached the $1530 target. It would require a clearance above $1630 - $1675 for a Bullish trend to commence. After seeing a consolidation base at $1630 this level may now prove to become resistance which could also be a tough barrier to overcome. If stock indices collapse, Gold may then become favourable as an alternative again.
25/09: #FTSE 100 tests lower support at 5830. Previously 5830 had been the key focal point. However, a break below and more importantly a close below 5830 by the close of Friday could set the stage for an intermediate term decline heading into October. What is really required is a momentum reversal which so far has not emerged. Therefore any downside moves may be corrective only. For the upside we would need to clear 5900 to reach for 6000 – 6150.
Dow Jones reaches the expected 12835 target. This week the index will need to see a follow through above 12898 to reach for the next objective at 13060 where a completion of the ABC pattern takes place