16-35 was generated. So far everything is going in tune with my preferred scenario from the last update. I am expecting some serious support to kick in at 8.10-8.20.
It is pretty much the same for all other charts. A potential H&S breakdown is possibly in progress for most gold indices but we will see how far will it go. There is plenty of space for it to unfold and recover during the next 10 days.
GLD
GDX
UUP
TLT
RUSSELL
S&P 500
XGD Australia
Everything looks normal to me, for now. It seems that this market is all about SandP 500. If it breaks out for real we will be in trouble. Markets are being pushed to a decision point and the next 10-15 days will decide what is going to be dominant theme for the coming few months.
Good luck to all!
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