Gold in ABC Bearish Pattern

January 12, 2010 · Posted in ABC Bearish · 5 Comments 

Gold may be ready to retrace? Gold has ABC Bearish pattern and today’s sell off (23 pts down) could be the first day of retracement. Gold made a high of 1227 December 2009. Its recent swing low of 1074 and its retracement (C at 1162) may be signaling a potential ABC Bearish Pattern.

Closing below the Entry Level of 1128 is the first signal of confirmation of ‘C’. If the bearish trend continues, the first target is near 1067 (62%) and 1009 (100%) of AB Range.

The Time Targets in Gold are: Jan 28 to March 05.Gold_Jan1210_Targets

TradeLog: Jan 12, 2010: Three-Valleys, Broadening and ABC

January 12, 2010 · Posted in ABC Bearish, ABC Bullish, CMI, Three Valleys · Comments Off on TradeLog: Jan 12, 2010: Three-Valleys, Broadening and ABC 

Jan. 12, 2010

Today, ES continued its yesterday’s significant patterns: ABC-Bearish and Three-Valleys in their bearish trend. ES Opened near 100% of AB Range around 1133-34. Until noon ES attempted several times to close above the 200-SMA. CMI5 was red most of the day until 2pm. Around 2pm, the first bullish signal was triggered by CMI5m Green bar.

Today’s another major pattern: Broadening Bottom. This pattern was visible right from the open. I thought it was going to be a Flat Bottom Broadening pattern. Around 11am, the pattern made its last failed attempt to trade above 200-SMA and sold off until 2pm.

The late day rally produced another ABC Bullish pattern aided by CMI5 strong green bars.

TradeLog_Jan1210

ThreeValleys_ABC_Jan1210

ABC Bullish

CMI
Market Structures

Three Valleys and A River Pattern (Update)

January 12, 2010 · Posted in Three Valleys · Comments Off on Three Valleys and A River Pattern (Update) 

Here is a completed Three Valleys and A River Pattern. Three valleys are distinctly visible in the pattern. After trading 61.8% retracement in to its prior range yesterday, ES sold off in the overnight session (Globex). From the high of 1144, a 100% retracement (river) of its prior range is expected to 1134.

ThreeValleys_River2_Jan1210