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Strategies & Market Trends : John Pitera's Market Laboratory

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Davy Crockett

mary-ally-smith

To: HairBall who wrote (15237)	11/22/2014 3:00:07 PM
From: HairBall	2 Recommendations Read Replies (4) of 33421

GLD is still trading bearish.... Following the break to the norm of the bearish flag, demand kept the price from dropping below the bearish flag origination point, 144.68. The consolidation that followed resulted in the formation of a descending triangle which is also a bearish formation, reinforced by diminishing volume and oversold/overbought models. Descending Triangles The break to the norm was quickly followed by bargain buying which was then arrested by selling at previous support now acting as resistance. A move down to test the 2008 pivot high of 100.44 remains my expectation. See the post to which I am replying... Look for GLD volume to begin to increase once the continuation of the pattern break resolves to the norm. The SPY has entered a topping process as volume continues to decline. Expect direction to reverse next year (1st Qtr or at the latest 2nd Qtr) resulting in increasing volume as support is broken and the continuation of the decline becomes self evident. Regards, LG PS: ajtj99 drop me a pmail.

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