Some of my forecasts
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Crude Oil
This market is looking to be contained on the downside this week at the WS1 at 91.53, which is a strong cluster event. It is possible to see a move up to circa 94.67 before it continues south. Upon arrival, it will be ready to begin its corrective journey to the WR1 at 96.35. There is also the MS1 in that area at 96.65 which will add additional R. It is not for a certainty the market will make it back that far before the week is over.
The market is preparing for a deeper MT drop to the weekly tenken at 89.17.
This market is looking to be contained on the downside this week at the WS1 at 91.53, which is a strong cluster event. It is possible to see a move up to circa 94.67 before it continues south. Upon arrival, it will be ready to begin its corrective journey to the WR1 at 96.35. There is also the MS1 in that area at 96.65 which will add additional R. It is not for a certainty the market will make it back that far before the week is over.
The market is preparing for a deeper MT drop to the weekly tenken at 89.17.
Gold
Ever since July, this market has had the monthly kijun in its sight. The current level is 1481.03. With last week's move, the binoculars are no longer necessary to see it, even though the likely event is it will not hit be hit this week. It should continue up to start the week. The 1610--1619.20--1638.27 area is containment. As long as that area contains for the week, then it is likely the WS2 at 1510.85 will be hit.
Ever since July, this market has had the monthly kijun in its sight. The current level is 1481.03. With last week's move, the binoculars are no longer necessary to see it, even though the likely event is it will not hit be hit this week. It should continue up to start the week. The 1610--1619.20--1638.27 area is containment. As long as that area contains for the week, then it is likely the WS2 at 1510.85 will be hit.
Silver
All downside objectives have been hit for this market, but it seems the move south is far from over. That being said, there is a need for it to do some correcting before it can feel comfortable to continue its journey. A move back o the daily tenken at 30.66 and the kijun at 31.50 may satisfy the corrective requirement. There still could be some trails to the east before it turns due south again.
All downside objectives have been hit for this market, but it seems the move south is far from over. That being said, there is a need for it to do some correcting before it can feel comfortable to continue its journey. A move back o the daily tenken at 30.66 and the kijun at 31.50 may satisfy the corrective requirement. There still could be some trails to the east before it turns due south again.
Djia
The ichimoku is our best friend for this market. Last week it ran into massive support between the weekly tenken at 11688 and the daily kijun at 11708. Those levels will probably contain to start the week, but it is necessary for the daily tenken at 11994 to contain the upside for the DOWN to continue with its predictability. As long as this is all the case, then it has the weekly kijun at 11535 and the bottom of the daily cloud at 11272 to look forward to, and most likely it will be heading much lower.
The ichimoku is our best friend for this market. Last week it ran into massive support between the weekly tenken at 11688 and the daily kijun at 11708. Those levels will probably contain to start the week, but it is necessary for the daily tenken at 11994 to contain the upside for the DOWN to continue with its predictability. As long as this is all the case, then it has the weekly kijun at 11535 and the bottom of the daily cloud at 11272 to look forward to, and most likely it will be heading much lower.
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T4J, LOL, I had to dig for your post. I forgot what the market is.
There is a weak crossover on stochastics, and it is not quite OB. Under current conditions, there would be enough steam to make it to the TL, but definitely not to break it. There is still strong momentum on the weekly and monthly. A nice strong reversal after the daily TL is hit should take care of any momentum that is left, and we could have a trifecta working. That, of course remains to be seen. If that is the case, then 158 is the dip for the year.
BTW, my favorite work time of the year is coming up. That is the end of the year. This year it will be the end of the week/month/year, combined. I will have the usual weeklies and monthlies, but then for good measure, the yearlies are getting thrown in with it. I'm game to all requests. The last day of the year and New Year's Day, I party with the charts, music, football games (on the radio), and the Hot Stove Baseball League. This year New Year's is on Sunday, and it's church on Sunday, and then we have our New Year's party on Sunday evening, so the music, chart free for all at my house will extend into the 2nd.
Does it means, once we have bottom out @ 158 this year, from next year we are then moving towards north till 185 & from there we will get direction where it will go next?
T4J, what is within the realm of possibility with this market is a complete cyclical channel shift, which would make 185 chopped liver. 300 could be within the realm of possibility over coming years. It is at a point of what I call the (Just my personal semantics.) trifecta about to form. That is where there would be agreement on the daily, weekly, and monthly.
A good example of the possibility I see with this market is what happened with the USD/CHF. When it was at 1.4600, Max McKegg was saying it was going to drop to .7300. Raised eyebrows? Mine got raised. That was quite awhile ago, but it was a good lesson I was able to learn from one of the really trues pros in our industry.
The DOWN ended with a strong spike south, and since the dip has climbed 2,500 pips, and that is just the beginning, as I see circa 1.0600 being the fir5st major leg completed
The type of move your market ends the DOWN with will have a lot to say just how high it is likely to go. Once it makes it to 158, that is when your antennas should go up.
Another thing. Once it gets there, do not try and predict where it will turn. Wait for a key R to be broken.
A good example of the possibility I see with this market is what happened with the USD/CHF. When it was at 1.4600, Max McKegg was saying it was going to drop to .7300. Raised eyebrows? Mine got raised. That was quite awhile ago, but it was a good lesson I was able to learn from one of the really trues pros in our industry.
The DOWN ended with a strong spike south, and since the dip has climbed 2,500 pips, and that is just the beginning, as I see circa 1.0600 being the fir5st major leg completed
The type of move your market ends the DOWN with will have a lot to say just how high it is likely to go. Once it makes it to 158, that is when your antennas should go up.
Another thing. Once it gets there, do not try and predict where it will turn. Wait for a key R to be broken.
Semantics
This is a cut-n-paste. I posted this twice in this thread, but I understand how it can get buried:
Radar--It's in clear view. The obstacles are out of the way, and we are headed there.
Trifecta--When the daily, weekly, and monthly charts are all lining up.
North--Referring to when the pair is headed up.
South--Referring to when the pair is headed down.
East--Referring to when the pair is headed sideways.
Scenic route--When a market makes it to a forecasted point, but in a roundabout way.
Taking the local--It was slow moving to the destination, but the market made it.
Taking the express--We got to the final destination in a hurry.
Apex--The crossing of 2 trendlines.
Containment--That level should be where price stops. It will go no further.
Cluster support or resistance--Different form of S or R found in one place.
Ears popping--When the candle is flying too high above the cloud, so it is due to reverse.
Abyss--Candle is traveling to far under the cloud, so it is due to reverse.
Nuggets--Something special to pay close attention to.
Decision point--A point where it has not been determined if the market will move in the same direction, or reverse.It is a point that usually results in a strong move, one way or the other.
Reaction--When price gets to that point, wait to see how price reacts. It most likely means you can make pips going the contrarian direction, but don't count on the reversal being permanent.
Spike--This is a move that happens at a support or resistance area where the wick of the candle is very noticeable on the other side, but the close is at that level.
Volatility--Action when the candles seem to have no direction, and large wicks will usually accompany them.
W,M.Y, 1,2,3, R,S. Those are all acronyms referring to my S&R's. For example, if I refer to the MS2, I am referring to the 2nd support of the month.
Reference points--They are the actual points in my S&R's
WF--Weekly Forecast.
WR--Weekly Review
If I forgot any, then let me know. I'll get them posted, possibly as an addendum to this post.
This is a cut-n-paste. I posted this twice in this thread, but I understand how it can get buried:
Radar--It's in clear view. The obstacles are out of the way, and we are headed there.
Trifecta--When the daily, weekly, and monthly charts are all lining up.
North--Referring to when the pair is headed up.
South--Referring to when the pair is headed down.
East--Referring to when the pair is headed sideways.
Scenic route--When a market makes it to a forecasted point, but in a roundabout way.
Taking the local--It was slow moving to the destination, but the market made it.
Taking the express--We got to the final destination in a hurry.
Apex--The crossing of 2 trendlines.
Containment--That level should be where price stops. It will go no further.
Cluster support or resistance--Different form of S or R found in one place.
Ears popping--When the candle is flying too high above the cloud, so it is due to reverse.
Abyss--Candle is traveling to far under the cloud, so it is due to reverse.
Nuggets--Something special to pay close attention to.
Decision point--A point where it has not been determined if the market will move in the same direction, or reverse.It is a point that usually results in a strong move, one way or the other.
Reaction--When price gets to that point, wait to see how price reacts. It most likely means you can make pips going the contrarian direction, but don't count on the reversal being permanent.
Spike--This is a move that happens at a support or resistance area where the wick of the candle is very noticeable on the other side, but the close is at that level.
Volatility--Action when the candles seem to have no direction, and large wicks will usually accompany them.
W,M.Y, 1,2,3, R,S. Those are all acronyms referring to my S&R's. For example, if I refer to the MS2, I am referring to the 2nd support of the month.
Reference points--They are the actual points in my S&R's
WF--Weekly Forecast.
WR--Weekly Review
If I forgot any, then let me know. I'll get them posted, possibly as an addendum to this post.
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