Trump slaps 30% tariffs on EU, Mexico
Gold finished its retracement from its massive Head and Shoulders neckline to its 200 day moving average. There is much ado in zero hedge about this being a major bullish accomplishment. It's not.
My last interpretation of the cycles model for gold suggested a low on the 21st. Since tomorrow is a major turn date, it looks an awful lot like a high, instead. This raises the likelihood that the decline will continue into the last week of January.
The NDX also retested mid-cycle resistance at 2286.32. Although the retracement was a bit stronger-than-expected, today's move adds validity to the concept of support and resistance as it relates to the cycles. There is a probability that tomorrow morning may see a brief zig zag in equities before the reversal back into the decline, which may last into next mid-week.
Finally,the USD retraced to its cycle top resistance and Head & Shoulders neckline at 79.76 today. The retracement is complete. The next wave higher may begin.
My last interpretation of the cycles model for gold suggested a low on the 21st. Since tomorrow is a major turn date, it looks an awful lot like a high, instead. This raises the likelihood that the decline will continue into the last week of January.
The NDX also retested mid-cycle resistance at 2286.32. Although the retracement was a bit stronger-than-expected, today's move adds validity to the concept of support and resistance as it relates to the cycles. There is a probability that tomorrow morning may see a brief zig zag in equities before the reversal back into the decline, which may last into next mid-week.
Finally,the USD retraced to its cycle top resistance and Head & Shoulders neckline at 79.76 today. The retracement is complete. The next wave higher may begin.
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